Revance Therapeutics (NASDAQ:RVNC) Price Target Cut to $12.00

Revance Therapeutics (NASDAQ:RVNC) had its target price lowered by stock analysts at Needham & Company LLC from $18.00 to $12.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s target price suggests a potential upside of 179.72% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of Revance Therapeutics in a report on Thursday, February 29th. Mizuho cut their price target on Revance Therapeutics from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Friday. Piper Sandler decreased their price objective on Revance Therapeutics from $42.00 to $20.00 and set an “overweight” rating on the stock 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. 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 research note on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.88.

Revance Therapeutics Price Performance

Shares of Revance Therapeutics stock opened at $4.29 on Friday. Revance Therapeutics has a 1 year low of $3.21 and a 1 year high of $36.70. The business has a 50 day moving average price of $4.67 and a 200 day moving average price of $6.18. The company has a market capitalization of $447.09 million, a P/E ratio of -1.13 and a beta of 1.16.

Revance Therapeutics (NASDAQ:RVNC) last issued its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.17. The company had revenue of $69.80 million during the quarter, compared to analysts’ expectations of $64.02 million. As a group, research analysts expect that Revance Therapeutics will post -2.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Dustin S. Sjuts sold 9,211 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $46,423.44. Following the completion of the sale, the president now owns 167,550 shares in the company, valued at approximately $844,452. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Dustin S. Sjuts sold 9,211 shares of Revance Therapeutics stock in a transaction on Monday, March 18th. The shares were sold at an average price of $5.04, for a total transaction of $46,423.44. Following the transaction, the president now owns 167,550 shares in the company, valued at approximately $844,452. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Tobin Schilke sold 9,361 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 192,666 shares of the company’s stock, valued at $971,036.64. The disclosure for this sale can be found here. Insiders sold 29,089 shares of company stock worth $143,642 over the last three months. 3.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Revance Therapeutics

Several hedge funds have recently modified their holdings of the stock. Rubric Capital Management LP acquired a new stake in Revance Therapeutics in the third quarter valued at approximately $18,352,000. 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 valued at $33,291,000 after purchasing an additional 1,153,615 shares in the last quarter. CIBC Asset Management Inc increased its stake in Revance Therapeutics by 251.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,147,294 shares of the biopharmaceutical company’s stock worth $10,085,000 after buying an additional 820,587 shares during the period. EULAV Asset Management lifted its holdings in Revance Therapeutics by 275.0% in the 3rd quarter. EULAV Asset Management now owns 600,000 shares of the biopharmaceutical company’s stock worth $6,882,000 after buying an additional 440,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Revance Therapeutics in the 3rd quarter valued at about $4,749,000. 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.