Zacks Investment Research upgraded shares of Revance Therapeutics (NASDAQ:RVNC) from a hold rating to a buy rating in a research report report published on Wednesday morning. The brokerage currently has $28.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Revance is a Silicon Valley-based biotechnology company. The company is developing a portfolio of products for aesthetic medicine and underserved therapeutic specialties, including dermatology and neurology. Revance’s science is based upon a proprietary TransMTS® peptide technology, which when combined with active drug molecules, may help address current unmet needs. Revance’s initial focus is on developing daxibotulinumtoxinA, the company’s highly purified botulinum toxin, for a broad spectrum of aesthetic and therapeutic indications, including facial wrinkles and muscle movement disorders. The company’s lead drug candidate, DaxibotulinumtoxinA for Injection (RT002), is currently in development for the treatment of glabellar lines and cervical dystonia and has the potential to be the first long-acting neurotoxin. The company holds worldwide rights for all indications of RT002 injectable and RT001 topical and the pharmaceutical uses of the TransMTS technology platform. “
A number of other equities research analysts have also issued reports on RVNC. BidaskClub lowered Revance Therapeutics from a hold rating to a sell rating in a research report on Friday, July 20th. ValuEngine lowered Revance Therapeutics from a buy rating to a hold rating in a research report on Thursday, September 27th. Cantor Fitzgerald restated a buy rating and issued a $50.00 price target on shares of Revance Therapeutics in a research report on Thursday, November 1st. Finally, Piper Jaffray Companies restated a buy rating on shares of Revance Therapeutics in a research report on Monday, September 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $46.60.
Shares of Revance Therapeutics stock traded down $0.54 during mid-day trading on Wednesday, reaching $23.46. 180,701 shares of the stock traded hands, compared to its average volume of 204,329. Revance Therapeutics has a fifty-two week low of $21.45 and a fifty-two week high of $37.45.
Revance Therapeutics (NASDAQ:RVNC) last announced its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.04. Revance Therapeutics had a negative return on equity of 61.45% and a negative net margin of 4,205.52%. The business had revenue of $2.36 million during the quarter, compared to analysts’ expectations of $0.49 million. As a group, equities research analysts anticipate that Revance Therapeutics will post -3.83 EPS for the current fiscal year.
In other news, insider Cyril Allouche sold 2,188 shares of the firm’s stock in a transaction on Friday, November 9th. The stock was sold at an average price of $23.72, for a total transaction of $51,899.36. Following the completion of the transaction, the insider now directly owns 6,938 shares in the company, valued at $164,569.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 18.86% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RVNC. Cubist Systematic Strategies LLC purchased a new position in shares of Revance Therapeutics during the first quarter worth $189,000. Xact Kapitalforvaltning AB purchased a new position in shares of Revance Therapeutics during the second quarter worth $209,000. Metropolitan Life Insurance Co. NY boosted its position in shares of Revance Therapeutics by 25.8% during the second quarter. Metropolitan Life Insurance Co. NY now owns 10,875 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 2,232 shares during the period. Voya Investment Management LLC boosted its position in shares of Revance Therapeutics by 19.6% during the second quarter. Voya Investment Management LLC now owns 12,433 shares of the biopharmaceutical company’s stock worth $341,000 after buying an additional 2,041 shares during the period. Finally, Nottingham Advisors Inc. boosted its position in shares of Revance Therapeutics by 17.7% during the second quarter. Nottingham Advisors Inc. now owns 13,312 shares of the biopharmaceutical company’s stock worth $365,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 94.42% of the company’s stock.
Revance Therapeutics Company Profile
Revance Therapeutics, Inc, a biotechnology company, engages in the development, manufacturing, and commercialization of novel botulinum toxin products for various aesthetic and therapeutic indications. The company's drug candidate is DaxibotulinumtoxinA for injection (RT002), which is in phase III clinical trials to treat glabellar (frown) lines, as well as in phase II clinical trials for the treatment of cervical dystonia and plantar fasciitis.
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