Revance Therapeutics, Inc. (NASDAQ:RVNC) Sees Significant Increase in Short Interest

Revance Therapeutics, Inc. (NASDAQ:RVNC) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 12,210,000 shares, an increase of 22.1% from the October 31st total of 10,000,000 shares. Based on an average trading volume of 3,050,000 shares, the short-interest ratio is presently 4.0 days.

Institutional Investors Weigh In On Revance Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in Revance Therapeutics in the third quarter worth about $120,000. Wellington Management Group LLP purchased a new stake in Revance Therapeutics in the third quarter worth about $2,315,000. State Street Corp grew its holdings in Revance Therapeutics by 6.6% in the third quarter. State Street Corp now owns 2,433,963 shares of the biopharmaceutical company’s stock worth $12,632,000 after purchasing an additional 150,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Revance Therapeutics by 11.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,210 shares of the biopharmaceutical company’s stock worth $1,376,000 after purchasing an additional 27,420 shares during the period. Finally, FORA Capital LLC purchased a new stake in Revance Therapeutics in the third quarter worth about $54,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Revance Therapeutics Price Performance

RVNC stock opened at $3.61 on Monday. Revance Therapeutics has a 1 year low of $2.30 and a 1 year high of $9.74. The company has a market cap of $378.69 million, a P/E ratio of -1.87 and a beta of 0.95. The firm has a 50-day moving average of $4.92 and a 200 day moving average of $4.44.

Revance Therapeutics (NASDAQ:RVNC) last released its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.02). The company had revenue of $59.88 million for the quarter, compared to the consensus estimate of $67.73 million. On average, equities research analysts expect that Revance Therapeutics will post -1.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Revance Therapeutics in a research note on Friday, November 8th. Barclays reaffirmed an “equal weight” rating and set a $7.00 price objective (down from $10.00) on shares of Revance Therapeutics in a research note on Friday, September 13th. Stifel Nicolaus lowered their price objective on shares of Revance Therapeutics from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, August 9th. HC Wainwright reaffirmed a “neutral” rating and set a $6.60 price objective on shares of Revance Therapeutics in a research note on Friday, November 8th. Finally, William Blair reaffirmed a “market perform” rating on shares of Revance Therapeutics in a research note on Monday, August 12th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.66.

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.