H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating on Revance Therapeutics (RVNC) today and set a price target of $23. The company’s shares closed yesterday at $12.68, close to its 52-week low of $12.58.
Tsao noted:
“We appreciate the complexity of the BLA submission and RVNC’s desire to avoid the CMC issues that have delayed other toxin BLA approvals. Certainly, we’d prefer a three-month delay on the frontend of submission to a 6-12 month delay after a complete response letter. That said, we recognize likely investor disappointment since the filing is now expected >18 months after the RT-002 generated so much excitement when the Sakura Phase 3 trials readout in December 2017. A silver lining? Arguably, a benefit of the delayed filing is that RVNC can now potentially launch RT-002 armed with Phase 2 data from the ongoing study in forehead lines and crow’s feet which are both expected in 1H20. While those indications won’t be on the product’s initial label, we expect there would be significant utilization assuming the trials are successful.”
According to TipRanks.com, Tsao is a 3-star analyst with an average return of 2.9% and a 55.5% success rate. Tsao covers the Healthcare sector, focusing on stocks such as Crinetics Pharmaceuticals Inc, Coherus Biosciences, and Radius Health.
Currently, the analyst consensus on Revance Therapeutics is a Strong Buy with an average price target of $31.67, which is a 149.8% upside from current levels. In a report released today, Mizuho Securities also maintained a Buy rating on the stock.
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The company has a one-year high of $32.45 and a one-year low of $12.58. Currently, Revance Therapeutics has an average volume of 360.4K.
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Revance Therapeutics, Inc. is a clinical stage biotechnology company. It is engaged in the development, manufacturing, and commercialization of novel botulinum toxin products for multiple aesthetic, and therapeutic applications.
