Revance Therapeutics (NASDAQ:RVNC) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Revance Therapeutics (NASDAQ:RVNC) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. The brokerage currently has $32.00 price target 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. “

Several other equities research analysts have also recently issued reports on RVNC. Mizuho cut their price target on Revance Therapeutics from $37.00 to $36.00 and set a buy rating for the company in a research note on Tuesday, May 11th. Needham & Company LLC reiterated a buy rating and issued a $45.00 price target on shares of Revance Therapeutics in a research note on Wednesday, April 14th. Five equities research analysts have rated the stock with a buy rating, The company currently has a consensus rating of Buy and a consensus target price of $37.20.

Revance Therapeutics stock opened at $30.88 on Wednesday. Revance Therapeutics has a 12 month low of $22.82 and a 12 month high of $34.62. The company has a 50 day moving average price of $29.94. The company has a quick ratio of 7.88, a current ratio of 7.99 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $2.21 billion, a P/E ratio of -6.46 and a beta of 1.25.

Revance Therapeutics (NASDAQ:RVNC) last posted its earnings results on Monday, May 10th. The biopharmaceutical company reported ($1.08) EPS for the quarter, beating the consensus estimate of ($1.19) by $0.11. Revance Therapeutics had a negative return on equity of 93.59% and a negative net margin of 1,021.48%. The company had revenue of $13.30 million for the quarter, compared to the consensus estimate of $12.44 million. Sell-side analysts predict that Revance Therapeutics will post -4.67 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Revance Therapeutics by 2.5% during the first quarter. JPMorgan Chase & Co. now owns 4,433,826 shares of the biopharmaceutical company’s stock worth $123,926,000 after purchasing an additional 107,773 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Revance Therapeutics by 9.4% during the first quarter. Alliancebernstein L.P. now owns 3,353,279 shares of the biopharmaceutical company’s stock worth $93,724,000 after purchasing an additional 287,375 shares during the last quarter. Palo Alto Investors LP lifted its stake in Revance Therapeutics by 19.8% during the first quarter. Palo Alto Investors LP now owns 3,201,866 shares of the biopharmaceutical company’s stock worth $89,492,000 after purchasing an additional 528,553 shares during the last quarter. Capital International Investors lifted its stake in Revance Therapeutics by 33.0% during the first quarter. Capital International Investors now owns 1,545,630 shares of the biopharmaceutical company’s stock worth $43,200,000 after purchasing an additional 383,730 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Revance Therapeutics by 12.9% during the first quarter. Geode Capital Management LLC now owns 1,120,508 shares of the biopharmaceutical company’s stock worth $31,318,000 after purchasing an additional 128,414 shares during the last quarter. Hedge funds and other institutional investors own 76.64% of the company’s stock.

About Revance Therapeutics

Revance Therapeutics, Inc, a biotechnology company, engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications in the United States and internationally. The company's lead drug candidate is DaxibotulinumtoxinA for injection (DAXI), which has completed phase III clinical trials for the treatment of glabellar (frown) lines and cervical dystonia; is in phase II clinical trials to treat upper facial lines, moderate or severe dynamic forehead lines, and moderate or severe lateral canthal lines; and has completed Phase II clinical trials for the treatment of adult upper limb spasticity and plantar fasciitis.

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