Traders Buy Large Volume of Put Options on Revance Therapeutics (NASDAQ:RVNC)

Revance Therapeutics, Inc. (NASDAQ:RVNC) saw unusually large options trading activity on Monday. Investors acquired 3,748 put options on the stock. This is an increase of 115% compared to the average daily volume of 1,742 put options.

Institutional Investors Weigh In On Revance Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Alpine Associates Management Inc. acquired a new position in Revance Therapeutics during the 3rd quarter valued at about $21,605,000. Stonepine Capital Management LLC boosted its holdings in shares of Revance Therapeutics by 41.7% in the second quarter. Stonepine Capital Management LLC now owns 2,800,000 shares of the biopharmaceutical company’s stock valued at $7,196,000 after acquiring an additional 823,658 shares in the last quarter. State Street Corp increased its stake in shares of Revance Therapeutics by 6.6% during the third quarter. State Street Corp now owns 2,433,963 shares of the biopharmaceutical company’s stock valued at $12,632,000 after acquiring an additional 150,323 shares during the period. LMR Partners LLP acquired a new position in shares of Revance Therapeutics during the third quarter valued at approximately $11,648,000. Finally, Federated Hermes Inc. raised its holdings in Revance Therapeutics by 43.0% during the second quarter. Federated Hermes Inc. now owns 2,237,505 shares of the biopharmaceutical company’s stock worth $5,750,000 after purchasing an additional 672,803 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Revance Therapeutics Price Performance

Shares of NASDAQ RVNC opened at $3.03 on Tuesday. Revance Therapeutics has a 1-year low of $2.30 and a 1-year high of $9.74. The firm has a market capitalization of $317.85 million, a PE ratio of -1.57 and a beta of 0.82. The business’s fifty day moving average price is $4.73 and its two-hundred day moving average price is $4.48.

Revance Therapeutics (NASDAQ:RVNC) last posted its earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.02). The business had revenue of $59.88 million for the quarter, compared to analysts’ expectations of $67.73 million. Equities research analysts expect that Revance Therapeutics will post -1.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RVNC shares. Piper Sandler lowered shares of Revance Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 12th. HC Wainwright reaffirmed a “neutral” rating and set a $6.60 target price on shares of Revance Therapeutics in a report on Friday, November 8th. Barclays reiterated an “equal weight” rating and issued a $7.00 target price (down previously from $10.00) on shares of Revance Therapeutics in a research report on Friday, September 13th. Guggenheim reissued a “neutral” rating on shares of Revance Therapeutics in a research report on Monday, August 12th. Finally, StockNews.com assumed coverage on shares of Revance Therapeutics in a report on Wednesday, December 4th. They issued a “hold” rating for the company. Nine analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Revance Therapeutics currently has an average rating of “Hold” and an average price target of $9.66.

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.