Revance Therapeutics (NASDAQ:RVNC) Shares Up 4.7%

Revance Therapeutics, Inc. (NASDAQ:RVNC) shares rose 4.7% during mid-day trading on Tuesday . The stock traded as high as $6.25 and last traded at $6.25. Approximately 1,375,220 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 2,813,659 shares. The stock had previously closed at $5.97.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RVNC shares. Piper Sandler cut shares of Revance Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 12th. Needham & Company LLC downgraded Revance Therapeutics from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 13th. StockNews.com began coverage on Revance Therapeutics in a research note on Sunday. They issued a “hold” rating on the stock. Barclays reaffirmed an “equal weight” rating and set a $7.00 price objective (down previously from $10.00) on shares of Revance Therapeutics in a report on Friday. Finally, HC Wainwright downgraded Revance Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Revance Therapeutics Price Performance

The company’s 50-day moving average is $5.12 and its 200-day moving average is $4.29. The firm has a market capitalization of $621.47 million, a price-to-earnings ratio of -1.64 and a beta of 1.00.

Revance Therapeutics (NASDAQ:RVNC) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.12. The company had revenue of $65.39 million for the quarter, compared to analysts’ expectations of $66.30 million. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.80) earnings per share.

Hedge Funds Weigh In On Revance Therapeutics

A number of large investors have recently modified their holdings of the company. Capital World Investors raised its holdings in Revance Therapeutics by 16.8% in the first quarter. Capital World Investors now owns 13,945,535 shares of the biopharmaceutical company’s stock valued at $68,612,000 after buying an additional 2,006,459 shares during the period. Vanguard Group Inc. increased its position in shares of Revance Therapeutics by 6.5% in the first quarter. Vanguard Group Inc. now owns 5,398,406 shares of the biopharmaceutical company’s stock worth $26,560,000 after acquiring an additional 328,781 shares in the last quarter. Stonepine Capital Management LLC raised its stake in shares of Revance Therapeutics by 41.7% in the 2nd quarter. Stonepine Capital Management LLC now owns 2,800,000 shares of the biopharmaceutical company’s stock valued at $7,196,000 after acquiring an additional 823,658 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Revance Therapeutics by 43.0% during the 2nd quarter. Federated Hermes Inc. now owns 2,237,505 shares of the biopharmaceutical company’s stock valued at $5,750,000 after acquiring an additional 672,803 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of 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 valued at $10,085,000 after acquiring an additional 820,587 shares in 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.