Zacks Investment Research Lowers Revance Therapeutics (NASDAQ:RVNC) to Hold

Zacks Investment Research lowered shares of Revance Therapeutics (NASDAQ:RVNC) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

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 analysts have also recently issued reports on the stock. BidaskClub cut shares of Revance Therapeutics from a buy rating to a hold rating in a research report on Tuesday, July 14th. Stifel Nicolaus cut their target price on shares of Revance Therapeutics from $35.00 to $31.00 and set a buy rating on the stock in a research note on Thursday, April 16th. Mizuho started coverage on shares of Revance Therapeutics in a research note on Tuesday. They set a buy rating and a $32.00 target price on the stock. Needham & Company LLC restated a buy rating and set a $36.00 target price on shares of Revance Therapeutics in a research note on Wednesday, April 15th. Finally, HC Wainwright restated a buy rating and set a $27.00 target price on shares of Revance Therapeutics in a research note on Friday, July 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $28.38.

Shares of RVNC traded down $0.26 during mid-day trading on Wednesday, hitting $24.04. 5,616 shares of the company’s stock were exchanged, compared to its average volume of 719,482. The company has a market cap of $1.62 billion, a price-to-earnings ratio of -5.70 and a beta of 1.60. Revance Therapeutics has a fifty-two week low of $9.88 and a fifty-two week high of $27.97. The company has a debt-to-equity ratio of 0.64, a quick ratio of 12.45 and a current ratio of 12.45. The stock’s 50-day moving average is $24.74 and its 200-day moving average is $21.28.

A number of hedge funds have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System increased its holdings in Revance Therapeutics by 2.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 21,154 shares of the biopharmaceutical company’s stock valued at $517,000 after purchasing an additional 432 shares in the last quarter. Arizona State Retirement System increased its holdings in Revance Therapeutics by 6.1% during the 2nd quarter. Arizona State Retirement System now owns 11,564 shares of the biopharmaceutical company’s stock valued at $282,000 after purchasing an additional 660 shares in the last quarter. Legal & General Group Plc increased its holdings in Revance Therapeutics by 4.0% during the 1st quarter. Legal & General Group Plc now owns 19,064 shares of the biopharmaceutical company’s stock valued at $283,000 after purchasing an additional 738 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in Revance Therapeutics by 24.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,017 shares of the biopharmaceutical company’s stock valued at $123,000 after purchasing an additional 978 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Revance Therapeutics by 66.3% during the 1st quarter. Meeder Asset Management Inc. now owns 2,699 shares of the biopharmaceutical company’s stock valued at $41,000 after purchasing an additional 1,076 shares in the last quarter. 86.57% of the stock is owned by hedge funds and other institutional investors.

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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