Capital Research & Management Co recently announced the acquisition of new stake in Revance Therapeutics Inc. (NASDAQ:RVNC). The institutional investor has increased its shareholding in the Healthcare company by 17.78% to 9.48 million shares with purchase of 1.43 million shares. This fresh investment now brings its stake to 11.45% valued currently at $301.75 million. In addition, Palo Alto Investors LP raised its holdings by 0.88 million to 5.28 million shares. And Polar Capital LLP has lifted its position by 8.67% or 0.39 million shares – to 4.85 million shares.
With over 1.49 million Revance Therapeutics Inc. (RVNC) shares trading Tuesday and a closing price of $31.47 on the day, the dollar volume was approximately $46.74 million. The shares have shown a positive half year performance of 39.12% and its price on 05/23/23 lost nearly -3.20%. Currently, there are 81.13M common shares owned by the public and among those 79.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for RVNC have a consensus price objective of $39.62. The analysts have set the share’s price value over the next 12 months at a high of $65.00 and a low of $21.00. The average price target is 20.17% above its recent price level and a downside to the estimated low will see the stock lose -49.86% over that period. But an upside of 51.58% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
Insiders at the company have transacted a total of 33 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 322,758 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 235,391 shares.
The top 3 mutual fund holders in Revance Therapeutics Inc. are American Funds Small Cap World Fu, American Funds New Economy Fund, and Polar Capital Funds Plc – Healthc. American Funds Small Cap World Fu owns 6.58 million shares of the company’s stock, all valued at over $209.57 million. Polar Capital Funds Plc – Healthc sold -0.39 million shares to bring its total holdings to over 2.77 million shares at a value of $88.08 million. Polar Capital Funds Plc – Healthc now owns shares totaling to 3.34% of the shares outstanding.
Shares of Revance Therapeutics Inc. (NASDAQ: RVNC) opened at $32.32, down -$0.19 from a prior closing price of $32.51. However, the script later moved the day high at 33.10, down -3.20%. The company’s stock has a 5-day price change of -5.95% and -4.81% over the past three months. RVNC shares are trading 70.48% year to date (YTD), with the 12-month market performance up to 128.71% higher. It has a 12-month low price of $11.27 and touched a high of $37.98 over the same period. RVNC has an average intraday trading volume of 1.37 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.15%, -2.77%, and 15.60% respectively.
Institutional ownership of Revance Therapeutics Inc. (NASDAQ: RVNC) shares accounts for 89.40% of the company’s 81.13M shares outstanding. Mutual fund holders own 43.14%, while other institutional holders and individual stakeholders account for 52.78% and 13.58% respectively.
It has a market capitalization of $2.64B and a beta (3y monthly) value of 0.84. The earnings-per-share (ttm) stands at -$4.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.50% over the week and 4.91% over the month.
Analysts forecast that Revance Therapeutics Inc. (RVNC) will achieve an EPS of -$0.77 for the current quarter, -$0.76 for the next quarter and -$1.28 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.93 while analysts give the company a high EPS estimate of -$0.54. Comparatively, EPS for the current quarter was -$0.88 a year ago. Earnings per share for the fiscal year are expected to decrease by -17.60%, and 59.20% over the next financial year. EPS should grow at an annualized rate of 11.60% over the next five years, compared to -4.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Revance Therapeutics Inc. (RVNC) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 2 of the 13 advise that investors “hold,” and 1 rated it as a “Sell.”
