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

Revance Therapeutics, Inc. (NASDAQ:RVNC) was the recipient of some unusual options trading on Tuesday. Stock investors purchased 6,905 put options on the stock. This represents an increase of 136% compared to the typical daily volume of 2,926 put options.

Analyst Ratings Changes

A number of analysts have commented on RVNC shares. HC Wainwright reiterated a “neutral” rating and issued a $6.60 price objective on shares of Revance Therapeutics in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Revance Therapeutics in a research report on Friday. Barclays lowered their price target on shares of Revance Therapeutics from $7.00 to $3.00 and set an “equal weight” rating on the stock in a report on Monday, December 23rd. Mizuho dropped their price objective on shares of Revance Therapeutics from $6.66 to $3.10 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. Finally, StockNews.com initiated coverage on shares of Revance Therapeutics in a research report on Tuesday. They set a “hold” rating on the stock. Nine analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.39.

Institutional Investors Weigh In On Revance Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. boosted its stake in Revance Therapeutics by 52.5% in the second quarter. Sei Investments Co. now owns 22,167 shares of the biopharmaceutical company’s stock worth $57,000 after purchasing an additional 7,628 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Revance Therapeutics by 64.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 20,161 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 7,890 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Revance Therapeutics by 29.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,296 shares of the biopharmaceutical company’s stock worth $109,000 after buying an additional 9,601 shares in the last quarter. FORA Capital LLC bought a new stake in Revance Therapeutics during the 3rd quarter worth about $54,000. Finally, Creative Planning acquired a new stake in Revance Therapeutics in the 3rd quarter valued at about $56,000. 97.70% of the stock is owned by institutional investors and hedge funds.

Revance Therapeutics Price Performance

Shares of RVNC traded down $0.04 during trading hours on Tuesday, hitting $3.65. The stock had a trading volume of 2,430,456 shares, compared to its average volume of 3,703,469. The stock has a market capitalization of $380.50 million, a price-to-earnings ratio of -1.89 and a beta of 0.86. The company’s fifty day moving average is $3.47 and its two-hundred day moving average is $4.57. Revance Therapeutics has a 52 week low of $2.30 and a 52 week high of $7.56.

Revance Therapeutics (NASDAQ:RVNC) last issued its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($0.37) earnings per share for the quarter, missing the consensus estimate 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 analysts predict that Revance Therapeutics will post -1.57 EPS for the current fiscal year.

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.