Zacks Investment Research upgraded shares of Revance Therapeutics (NASDAQ:RVNC) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. The brokerage currently has $14.00 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. “
RVNC has been the subject of a number of other reports. Barclays initiated coverage on shares of Revance Therapeutics in a research note on Tuesday, June 11th. They issued an overweight rating and a $28.00 price target for the company. BidaskClub lowered shares of Revance Therapeutics from a hold rating to a sell rating in a research note on Friday, October 4th. William Blair reaffirmed an outperform rating on shares of Revance Therapeutics in a research note on Tuesday, August 6th. Finally, ValuEngine raised shares of Revance Therapeutics from a sell rating to a hold rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Revance Therapeutics presently has a consensus rating of Buy and an average price target of $32.43.
Revance Therapeutics (NASDAQ:RVNC) last issued its quarterly earnings results on Monday, August 5th. The biopharmaceutical company reported ($0.86) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.86). Revance Therapeutics had a negative net margin of 3,745.97% and a negative return on equity of 79.28%. As a group, analysts anticipate that Revance Therapeutics will post -3.73 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in RVNC. Rice Hall James & Associates LLC lifted its stake in Revance Therapeutics by 654.1% during the second quarter. Rice Hall James & Associates LLC now owns 882,769 shares of the biopharmaceutical company’s stock valued at $11,450,000 after purchasing an additional 765,701 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Revance Therapeutics by 47.5% during the second quarter. Renaissance Technologies LLC now owns 1,330,973 shares of the biopharmaceutical company’s stock valued at $17,263,000 after purchasing an additional 428,900 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Revance Therapeutics during the second quarter valued at approximately $3,098,000. Nuveen Asset Management LLC acquired a new stake in Revance Therapeutics during the second quarter valued at approximately $2,638,000. Finally, Sio Capital Management LLC lifted its stake in Revance Therapeutics by 58.6% during the second quarter. Sio Capital Management LLC now owns 403,664 shares of the biopharmaceutical company’s stock valued at $5,236,000 after purchasing an additional 149,083 shares during the last quarter. 98.68% of the stock is owned by institutional investors and hedge funds.
About Revance Therapeutics
Revance Therapeutics, Inc, a clinical-stage biotechnology company, engages in the development, manufacture, and commercialization of novel neuromodulators for various aesthetic and therapeutic indications. The company's lead drug candidate is DaxibotulinumtoxinA for injection (DAXI), which is in phase III clinical trials to treat glabellar (frown) lines and cervical dystonia; and in phase II clinical trials for the treatment of plantar fasciitis, adult upper limb spasticity, and chronic migraine.
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