Short Interest in Revance Therapeutics, Inc. (NASDAQ:RVNC) Drops By 14.2%

Revance Therapeutics, Inc. (NASDAQ:RVNC) saw a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 11,630,000 shares, a decline of 14.2% from the March 31st total of 13,550,000 shares. Based on an average trading volume of 1,780,000 shares, the days-to-cover ratio is currently 6.5 days.

Revance Therapeutics Trading Down 2.2 %

Shares of RVNC opened at $3.61 on Wednesday. The firm has a 50-day moving average price of $4.91 and a 200 day moving average price of $6.38. Revance Therapeutics has a 12-month low of $3.21 and a 12-month high of $37.98. The firm has a market capitalization of $376.23 million, a P/E ratio of -0.95 and a beta of 1.06.

Revance Therapeutics (NASDAQ:RVNC) last posted its earnings results on Wednesday, February 28th. The biopharmaceutical company reported ($0.62) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.17. The business had revenue of $69.80 million during the quarter, compared to analysts’ expectations of $64.02 million. Equities research analysts predict that Revance Therapeutics will post -2.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dwight Moxie sold 8,125 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $40,950.00. Following the transaction, the insider now owns 137,815 shares of the company’s stock, valued at approximately $694,587.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Dwight Moxie sold 8,125 shares of Revance Therapeutics stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $5.04, for a total transaction of $40,950.00. Following the completion of the sale, the insider now owns 137,815 shares in the company, valued at approximately $694,587.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Tobin Schilke sold 9,361 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $47,179.44. Following the transaction, the chief financial officer now directly owns 192,666 shares in the company, valued at $971,036.64. The disclosure for this sale can be found here. Insiders have sold 29,089 shares of company stock valued at $143,642 over the last ninety days. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Revance Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Revance Therapeutics by 3.0% during the third quarter. Vanguard Group Inc. now owns 4,791,459 shares of the biopharmaceutical company’s stock worth $54,958,000 after buying an additional 138,683 shares in the last quarter. Invesco Ltd. grew its holdings in Revance Therapeutics by 66.0% during the 3rd quarter. Invesco Ltd. now owns 2,902,440 shares of the biopharmaceutical company’s stock worth $33,291,000 after acquiring an additional 1,153,615 shares in the last quarter. Rubric Capital Management LP purchased a new stake in shares of Revance Therapeutics in the 3rd quarter valued at approximately $18,352,000. CIBC Asset Management Inc raised its holdings in shares of Revance Therapeutics by 251.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,147,294 shares of the biopharmaceutical company’s stock valued at $10,085,000 after purchasing an additional 820,587 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Revance Therapeutics by 3.6% during the 3rd quarter. Wellington Management Group LLP now owns 1,082,420 shares of the biopharmaceutical company’s stock worth $12,415,000 after purchasing an additional 37,131 shares during the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on RVNC. Needham & Company LLC reduced their price objective on shares of Revance Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 29th. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of Revance Therapeutics in a report on Thursday, February 29th. Barclays lowered their price objective on Revance Therapeutics from $35.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, January 29th. Mizuho lowered Revance Therapeutics from a “buy” rating to a “neutral” rating and reduced their target price for the company from $16.00 to $9.00 in a research report on Monday, January 29th. Finally, The Goldman Sachs Group raised their price target on Revance Therapeutics from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Revance Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $13.75.

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 DAXXIFY (DaxibotulinumtoxinA-lanm) for injection for the treatment of glabellar lines and cervical dystonia; has completed 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.