Revance Therapeutics (NASDAQ:RVNC) Shares Gap Up - Here's What Happened

Revance Therapeutics, Inc. (NASDAQ:RVNC - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $4.70, but opened at $6.00. Revance Therapeutics shares last traded at $5.93, with a volume of 4,183,153 shares traded.

Analyst Upgrades and Downgrades

RVNC has been the topic of a number of recent analyst reports. HC Wainwright lowered Revance Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Piper Sandler downgraded Revance Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 12th. Barclays restated an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Revance Therapeutics in a research note on Friday, September 13th. Guggenheim reaffirmed a "neutral" rating on shares of Revance Therapeutics in a research note on Monday, August 12th. Finally, Stifel Nicolaus dropped their target price on shares of Revance Therapeutics from $24.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, August 9th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.29.

Revance Therapeutics Trading Up 25.5 %

The company has a market cap of $618.44 million, a P/E ratio of -1.86 and a beta of 0.98. The stock's 50 day moving average is $5.85 and its 200-day moving average is $4.30.

Revance Therapeutics (NASDAQ:RVNC - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.36) EPS for the quarter, beating analysts' consensus estimates of ($0.48) by $0.12. The firm had revenue of $65.39 million for the quarter, compared to analysts' expectations of $66.30 million. During the same quarter in the previous year, the company earned ($0.80) EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Revance Therapeutics, Inc. will post -1.53 EPS for the current year.

Hedge Funds Weigh In On Revance Therapeutics

A number of hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its stake in Revance Therapeutics by 342.1% during the 1st quarter. BNP Paribas Financial Markets now owns 211,695 shares of the biopharmaceutical company's stock valued at $1,042,000 after buying an additional 163,809 shares during the last quarter. Clarity Capital Partners LLC bought a new position in Revance Therapeutics in the first quarter valued at about $59,000. Essex Investment Management Co. LLC boosted its position in Revance Therapeutics by 79.8% in the first quarter. Essex Investment Management Co. LLC now owns 220,160 shares of the biopharmaceutical company's stock worth $1,083,000 after purchasing an additional 97,741 shares during the last quarter. Swiss National Bank grew its stake in shares of Revance Therapeutics by 18.2% during the 1st quarter. Swiss National Bank now owns 194,650 shares of the biopharmaceutical company's stock valued at $958,000 after purchasing an additional 30,000 shares during the period. Finally, NorthRock Partners LLC bought a new stake in shares of Revance Therapeutics during the 1st quarter valued at about $151,000. Hedge funds and other institutional investors own 97.70% of the company's stock.

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.