Revance Therapeutics, Inc. (NASDAQ:RVNC) Sees Large Drop in Short Interest

Revance Therapeutics, Inc. (NASDAQ:RVNC) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 9,770,000 shares, a decrease of 23.1% from the November 30th total of 12,700,000 shares. Based on an average trading volume of 2,500,000 shares, the days-to-cover ratio is currently 3.9 days.

Revance Therapeutics Stock Performance

Revance Therapeutics stock opened at $3.06 on Friday. The company has a market cap of $319.43 million, a price-to-earnings ratio of -1.59 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 has a 50 day moving average price of $4.12 and a 200 day moving average price of $4.48.

Revance Therapeutics (NASDAQ:RVNC) last announced its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.02). The business had revenue of $59.88 million during the quarter, compared to the consensus estimate of $67.73 million. Sell-side analysts predict that Revance Therapeutics will post -1.57 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RVNC shares. StockNews.com assumed coverage on Revance Therapeutics in a research report on Saturday. They set a “hold” rating for the company. Barclays lowered their price target on shares of Revance Therapeutics from $7.00 to $3.00 and set an “equal weight” rating for the company in a report on Monday, December 23rd. HC Wainwright reissued a “neutral” rating and issued a $6.60 price objective on shares of Revance Therapeutics in a research report on Friday, November 8th. Needham & Company LLC restated a “hold” rating on shares of Revance Therapeutics in a research report on Friday, November 8th. Finally, Mizuho cut their price target on Revance Therapeutics from $6.66 to $3.10 and set a “neutral” rating for the company in a report on Tuesday, December 10th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.39.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in 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 valued at $959,000 after purchasing an additional 68,451 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Revance Therapeutics by 47.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,961 shares of the biopharmaceutical company’s stock valued at $85,000 after buying an additional 10,638 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Revance Therapeutics by 11.6% during the 2nd quarter. Rhumbline Advisers now owns 136,347 shares of the biopharmaceutical company’s stock valued at $350,000 after buying an additional 14,191 shares during the period. CM Management LLC lifted its position in Revance Therapeutics by 60.0% during the 2nd quarter. CM Management LLC now owns 400,000 shares of the biopharmaceutical company’s stock worth $1,028,000 after acquiring an additional 150,000 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Revance Therapeutics by 27.6% in the 2nd quarter. Arizona State Retirement System now owns 27,716 shares of the biopharmaceutical company’s stock worth $71,000 after acquiring an additional 5,996 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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.