Revance Therapeutics, Inc. (NASDAQ:RVNC) Short Interest Up 24.7% in March

Revance Therapeutics, Inc. (NASDAQ:RVNC) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 13,550,000 shares, an increase of 24.7% from the March 15th total of 10,870,000 shares. Based on an average daily volume of 1,810,000 shares, the days-to-cover ratio is presently 7.5 days.

Revance Therapeutics Stock Performance

Shares of RVNC stock traded down $0.31 during mid-day trading on Friday, hitting $4.13. The company’s stock had a trading volume of 1,578,349 shares, compared to its average volume of 1,432,148. The company’s fifty day simple moving average is $5.36 and its 200-day simple moving average is $6.98. Revance Therapeutics has a 52 week low of $4.10 and a 52 week high of $37.98. The company has a market cap of $430.41 million, a PE ratio of -1.09 and a beta of 1.05.

Revance Therapeutics (NASDAQ:RVNC) last posted its quarterly earnings data on Wednesday, February 28th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.17. The business had revenue of $69.80 million during the quarter, compared to the consensus estimate of $64.02 million. On average, equities analysts anticipate that Revance Therapeutics will post -2.17 earnings per share for the current year.

Insider Buying and Selling at Revance Therapeutics

In related news, President Dustin S. Sjuts sold 9,211 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $46,423.44. Following the sale, the president now owns 167,550 shares of the company’s stock, valued at approximately $844,452. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, President Dustin S. Sjuts sold 9,211 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $5.04, for a total transaction of $46,423.44. Following the sale, the president now owns 167,550 shares of the company’s stock, valued at approximately $844,452. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Tobin Schilke sold 9,361 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $5.04, for a total value of $47,179.44. Following the sale, the chief financial officer now directly owns 192,666 shares in the company, valued at approximately $971,036.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,697 shares of company stock valued at $134,553. 5.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Revance Therapeutics

Large investors have recently made changes to their positions in the company. Legato Capital Management LLC grew its stake in shares of Revance Therapeutics by 48.8% in the 4th quarter. Legato Capital Management LLC now owns 57,652 shares of the biopharmaceutical company’s stock valued at $507,000 after buying an additional 18,903 shares during the period. Vanguard Group Inc. grew its stake in shares of Revance Therapeutics by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,791,459 shares of the biopharmaceutical company’s stock valued at $54,958,000 after buying an additional 138,683 shares during the period. Principal Financial Group Inc. grew its stake in shares of Revance Therapeutics by 55.2% in the 3rd quarter. Principal Financial Group Inc. now owns 963,029 shares of the biopharmaceutical company’s stock valued at $11,046,000 after buying an additional 342,540 shares during the period. DNB Asset Management AS grew its stake in shares of Revance Therapeutics by 44.7% in the 4th quarter. DNB Asset Management AS now owns 34,652 shares of the biopharmaceutical company’s stock valued at $305,000 after buying an additional 10,706 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Revance Therapeutics in the 3rd quarter valued at about $4,749,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RVNC has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on Revance Therapeutics from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Piper Sandler lowered their target price on Revance Therapeutics from $42.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of Revance Therapeutics in a research report on Thursday, February 29th. Mizuho lowered Revance Therapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $16.00 to $9.00 in a research report on Monday, January 29th. Finally, Needham & Company LLC lowered their target price on Revance Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Revance Therapeutics has a consensus rating of “Hold” and an average target price of $13.75.

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.