Barclays Has Lowered Expectations for Revance Therapeutics (NASDAQ:RVNC) Stock Price

Revance Therapeutics (NASDAQ:RVNC) had its price target cut by stock analysts at Barclays from $7.00 to $3.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the biopharmaceutical company’s stock. Barclays‘s price target would suggest a potential downside of 2.91% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Revance Therapeutics in a report on Friday, November 8th. Mizuho reduced their price objective on shares of Revance Therapeutics from $6.66 to $3.10 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. HC Wainwright restated a “neutral” rating and set a $6.60 target price on shares of Revance Therapeutics in a research report on Friday, November 8th. Finally, StockNews.com began coverage on shares of Revance Therapeutics in a research report on Friday. They set a “hold” rating for the company. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.39.

Revance Therapeutics Price Performance

NASDAQ:RVNC opened at $3.09 on Monday. The firm has a market cap of $322.57 million, a price-to-earnings ratio of -1.60 and a beta of 0.81. Revance Therapeutics has a 1-year low of $2.30 and a 1-year high of $9.74. The firm’s fifty day moving average price is $4.34 and its 200 day moving average price is $4.49.

Revance Therapeutics (NASDAQ:RVNC) last issued its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.02). The firm had revenue of $59.88 million for the quarter, compared to analyst estimates of $67.73 million. As a group, analysts expect that Revance Therapeutics will post -1.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Revance Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of RVNC. Nisa Investment Advisors LLC increased its stake in shares of Revance Therapeutics by 2,167.5% in the second quarter. Nisa Investment Advisors LLC now owns 18,911 shares of the biopharmaceutical company’s stock worth $49,000 after buying an additional 18,077 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Revance Therapeutics by 22.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 373,015 shares of the biopharmaceutical company’s stock worth $959,000 after purchasing an additional 68,451 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Revance Therapeutics by 47.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,961 shares of the biopharmaceutical company’s stock valued at $85,000 after purchasing an additional 10,638 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Revance Therapeutics by 11.6% in the 2nd quarter. Rhumbline Advisers now owns 136,347 shares of the biopharmaceutical company’s stock valued at $350,000 after purchasing an additional 14,191 shares in the last quarter. Finally, CM Management LLC lifted its position in shares of Revance Therapeutics by 60.0% during the second quarter. CM Management LLC now owns 400,000 shares of the biopharmaceutical company’s stock worth $1,028,000 after purchasing an additional 150,000 shares during the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

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.