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

Revance Therapeutics, Inc. (NASDAQ:RVNC) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 12,210,000 shares, a growth 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.

Revance Therapeutics Stock Performance

Shares of NASDAQ:RVNC opened at $3.61 on Monday. Revance Therapeutics has a 52-week low of $2.30 and a 52-week high of $9.74. The firm has a fifty day moving average of $4.92 and a 200 day moving average of $4.44. The firm has a market capitalization of $378.69 million, a PE ratio of -1.87 and a beta of 0.95.

Revance Therapeutics (NASDAQ:RVNC) last announced its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate 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, sell-side analysts forecast that Revance Therapeutics will post -1.54 EPS 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 stock. LMR Partners LLP purchased a new position in Revance Therapeutics in the third quarter worth $11,648,000. Integral Health Asset Management LLC bought a new stake in Revance Therapeutics in the second quarter worth $1,285,000. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 328,781 shares during the last quarter. Alpine Associates Management Inc. bought a new stake in Revance Therapeutics in the third quarter worth $21,605,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Revance Therapeutics by 28.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,361 shares of the biopharmaceutical company’s stock worth $342,000 after purchasing an additional 15,496 shares during the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RVNC shares. HC Wainwright reaffirmed a “neutral” rating and issued a $6.60 price objective on shares of Revance Therapeutics in a report on Friday, November 8th. Piper Sandler lowered Revance Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 12th. Barclays restated an “equal weight” rating and set a $7.00 price target (down previously from $10.00) on shares of Revance Therapeutics in a report on Friday, September 13th. Guggenheim restated a “neutral” rating on shares of Revance Therapeutics in a research report on Monday, August 12th. Finally, Needham & Company LLC restated a “hold” rating on shares of Revance Therapeutics in a report on Friday, November 8th. Nine investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Revance Therapeutics presently has an average rating of “Hold” and a consensus price target of $9.66.

Revance Therapeutics Company Profile

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.