Revance Therapeutics (NASDAQ:RVNC) Shares Gap Up – Time to Buy?

Shares of Revance Therapeutics, Inc. (NASDAQ:RVNC) gapped up before the market opened on Monday . The stock had previously closed at $4.70, but opened at $6.00. Revance Therapeutics shares last traded at $5.93, with a volume of 4,183,153 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. StockNews.com started coverage on shares of Revance Therapeutics in a research report on Friday, October 25th. They set a “hold” rating on the stock. HC Wainwright cut shares of Revance Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Guggenheim restated a “neutral” rating on shares of Revance Therapeutics in a research note on Monday, August 12th. William Blair reaffirmed a “market perform” rating on shares of Revance Therapeutics in a research note on Monday, August 12th. Finally, Barclays reissued an “equal weight” rating and issued a $7.00 price objective (down previously from $10.00) on shares of Revance Therapeutics in a research note on Friday, September 13th. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.29.

Revance Therapeutics Stock Up 0.2 %

The stock has a market capitalization of $619.49 million, a PE ratio of -1.85 and a beta of 0.98. The firm has a 50 day moving average price of $5.83 and a 200 day moving average price of $4.31.

Revance Therapeutics (NASDAQ:RVNC) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.12. The company had revenue of $65.39 million during the quarter, compared to analysts’ expectations of $66.30 million. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.80) earnings per share. On average, equities analysts forecast that Revance Therapeutics, Inc. will post -1.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital World Investors lifted its position in shares of Revance Therapeutics by 16.8% during the 1st quarter. Capital World Investors now owns 13,945,535 shares of the biopharmaceutical company’s stock worth $68,612,000 after buying an additional 2,006,459 shares in the last quarter. Stonepine Capital Management LLC increased its position in shares of Revance Therapeutics by 41.7% during the second 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 last quarter. Opaleye Management Inc. bought a new stake in Revance Therapeutics during the first quarter worth $3,862,000. Federated Hermes Inc. boosted its position in Revance Therapeutics by 43.0% in the second quarter. Federated Hermes Inc. now owns 2,237,505 shares of the biopharmaceutical company’s stock worth $5,750,000 after purchasing an additional 672,803 shares during the last quarter. Finally, Integral Health Asset Management LLC bought a new position in Revance Therapeutics in the 2nd quarter valued at $1,285,000. 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.