Jennison Associates LLC Takes Position in Revance Therapeutics, Inc. (RVNC)
Jennison Associates LLC purchased a new stake in Revance Therapeutics, Inc. (NASDAQ:RVNC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 378,400 shares of the biopharmaceutical company’s stock, valued at approximately $9,990,000. Jennison Associates LLC owned approximately 1.25% of Revance Therapeutics as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc increased its position in shares of Revance Therapeutics by 8.1% in the second quarter. Legal & General Group Plc now owns 5,815 shares of the biopharmaceutical company’s stock valued at $152,000 after buying an additional 438 shares in the last quarter. Bank of America Corp DE increased its position in shares of Revance Therapeutics by 29.5% in the first quarter. Bank of America Corp DE now owns 7,247 shares of the biopharmaceutical company’s stock valued at $151,000 after buying an additional 1,651 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Revance Therapeutics during the second quarter valued at approximately $231,000. American International Group Inc. increased its position in shares of Revance Therapeutics by 7.1% in the first quarter. American International Group Inc. now owns 12,590 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 834 shares in the last quarter. Finally, State of Wisconsin Investment Board acquired a new position in shares of Revance Therapeutics during the second quarter valued at approximately $475,000. 89.32% of the stock is currently owned by institutional investors.
Revance Therapeutics, Inc. (RVNC) opened at 22.80 on Monday. Revance Therapeutics, Inc. has a 12 month low of $12.35 and a 12 month high of $28.30. The firm has a 50-day moving average price of $23.49 and a 200 day moving average price of $22.11. The company’s market capitalization is $702.67 million.
Revance Therapeutics (NASDAQ:RVNC) last posted its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($0.93) by $0.03. Revance Therapeutics had a negative return on equity of 55.21% and a negative net margin of 32,936.67%. The business had revenue of $0.08 million for the quarter, compared to the consensus estimate of $0.05 million. During the same quarter in the prior year, the business earned ($0.88) earnings per share. Revance Therapeutics’s revenue for the quarter was up .0% on a year-over-year basis. Analysts expect that Revance Therapeutics, Inc. will post ($3.77) EPS for the current year.
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Several brokerages have commented on RVNC. BidaskClub downgraded Revance Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Zacks Investment Research downgraded Revance Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. JMP Securities began coverage on Revance Therapeutics in a research report on Tuesday, August 22nd. They issued an “outperform” rating and a $34.00 price target on the stock. Piper Jaffray Companies set a $28.00 price target on Revance Therapeutics and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Finally, ValuEngine raised Revance Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $34.80.
In related news, CEO L Daniel Browne sold 22,800 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $22.76, for a total value of $518,928.00. Following the transaction, the chief executive officer now owns 178,850 shares in the company, valued at $4,070,626. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 18.86% of the stock is currently owned by corporate insiders.
Revance Therapeutics Company Profile
Revance Therapeutics, Inc is a clinical-stage biotechnology company. The Company is focused on the development, manufacturing and commercialization of botulinum toxin products for multiple aesthetic and therapeutic indications. Its peptide technology enables delivery of botulinum toxin type A through two investigational drug product candidates, DaxibotulinumtoxinA for Injection (RT002), or RT002 injectable, and DaxibotulinumtoxinA Topical Gel (RT001), or RT001 topical.
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