Zacks Investment Research lowered shares of Revance Therapeutics (NASDAQ:RVNC) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.
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. “
Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald set a $50.00 target price on shares of Revance Therapeutics and gave the company a buy rating in a research report on Thursday, November 16th. Mizuho started coverage on shares of Revance Therapeutics in a research report on Thursday, November 16th. They issued a buy rating and a $37.00 target price for the company. Piper Jaffray Companies restated a buy rating and issued a $28.00 target price on shares of Revance Therapeutics in a research report on Friday, October 27th. Guggenheim began coverage on shares of Revance Therapeutics in a research report on Tuesday, December 5th. They issued a buy rating and a $42.00 target price for the company. Finally, SunTrust Banks upped their price objective on shares of Revance Therapeutics to $53.00 and gave the stock a buy rating in a research report on Friday, December 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $44.30.
In related news, CEO L Daniel Browne sold 7,600 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $24.94, for a total transaction of $189,544.00. Following the completion of the transaction, the chief executive officer now directly owns 133,188 shares in the company, valued at approximately $3,321,708.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 18.86% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its position in Revance Therapeutics by 3.2% during the 4th quarter. Franklin Resources Inc. now owns 3,394,202 shares of the biopharmaceutical company’s stock worth $121,343,000 after purchasing an additional 105,424 shares in the last quarter. Bank of New York Mellon Corp increased its position in Revance Therapeutics by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 2,144,669 shares of the biopharmaceutical company’s stock valued at $76,672,000 after acquiring an additional 135,356 shares during the period. Vanguard Group Inc. increased its position in Revance Therapeutics by 7.3% in the 2nd quarter. Vanguard Group Inc. now owns 931,623 shares of the biopharmaceutical company’s stock valued at $24,595,000 after acquiring an additional 63,505 shares during the period. Alliancebernstein L.P. increased its position in Revance Therapeutics by 4,063.7% in the 4th quarter. Alliancebernstein L.P. now owns 907,695 shares of the biopharmaceutical company’s stock valued at $32,450,000 after acquiring an additional 885,895 shares during the period. Finally, Jennison Associates LLC increased its position in Revance Therapeutics by 127.1% in the 4th quarter. Jennison Associates LLC now owns 857,536 shares of the biopharmaceutical company’s stock valued at $30,657,000 after acquiring an additional 480,008 shares during the period. Institutional investors and hedge funds own 77.84% of the company’s stock.
About Revance Therapeutics
Revance Therapeutics, Inc is a clinical-stage biotechnology company. The Company is focused on the development, manufacturing and commercialization of botulinum toxin products for multiple aesthetic and therapeutic indications. Its peptide technology enables delivery of botulinum toxin type A through two investigational drug product candidates, DaxibotulinumtoxinA for Injection (RT002), or RT002 injectable, and DaxibotulinumtoxinA Topical Gel (RT001), or RT001 topical.
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