Federated Hermes Inc. Sells 25,254 Shares of Revance Therapeutics, Inc. (NASDAQ:RVNC)

Posted by Defense World Staff on Mar 11th, 2023

Federated Hermes Inc. lowered its position in Revance Therapeutics, Inc. (NASDAQ:RVNC – Get Rating) by 20.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96,146 shares of the biopharmaceutical company’s stock after selling 25,254 shares during the period. Federated Hermes Inc. owned 0.12% of Revance Therapeutics worth $2,595,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Revance Therapeutics by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,645,311 shares of the biopharmaceutical company’s stock valued at $71,084,000 after acquiring an additional 43,014 shares during the last quarter. Polar Capital Holdings Plc raised its stake in shares of Revance Therapeutics by 8.7% in the first quarter. Polar Capital Holdings Plc now owns 2,456,497 shares of the biopharmaceutical company’s stock valued at $47,902,000 after acquiring an additional 196,797 shares during the last quarter. State Street Corp raised its stake in shares of Revance Therapeutics by 15.5% in the second quarter. State Street Corp now owns 1,779,793 shares of the biopharmaceutical company’s stock valued at $24,597,000 after acquiring an additional 238,356 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Revance Therapeutics by 26.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 828,925 shares of the biopharmaceutical company’s stock worth $11,456,000 after purchasing an additional 172,369 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in Revance Therapeutics by 72.4% in the 3rd quarter. Nuveen Asset Management LLC now owns 619,164 shares of the biopharmaceutical company’s stock worth $16,717,000 after purchasing an additional 260,044 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on RVNC. Needham & Company LLC lifted their target price on shares of Revance Therapeutics from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 1st. Morgan Stanley boosted their price target on shares of Revance Therapeutics from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, January 24th. Piper Sandler boosted their price target on shares of Revance Therapeutics from $29.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, January 31st. Guggenheim upped their target price on shares of Revance Therapeutics to $36.00 in a research note on Tuesday, November 15th. Finally, Barclays upped their target price on shares of Revance Therapeutics from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 1st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.09.

Revance Therapeutics Stock Performance

Shares of RVNC opened at $28.63 on Friday. The firm’s 50-day simple moving average is $30.84 and its 200 day simple moving average is $25.81. Revance Therapeutics, Inc. has a 52 week low of $11.27 and a 52 week high of $36.61. The company has a current ratio of 4.95, a quick ratio of 4.71 and a debt-to-equity ratio of 30.11.

Revance Therapeutics (NASDAQ:RVNC – Get Rating) last announced its earnings results on Tuesday, February 28th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.04) by ($0.78). Revance Therapeutics had a negative return on equity of 786.70% and a negative net margin of 268.87%. The business had revenue of $49.90 million for the quarter, compared to analyst estimates of $45.10 million. During the same quarter in the previous year, the company earned ($0.93) EPS. The business’s revenue for the quarter was up 92.7% on a year-over-year basis. Sell-side analysts forecast that Revance Therapeutics, Inc. will post -2.78 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Tobin Schilke sold 3,701 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $27.16, for a total transaction of $100,519.16. Following the sale, the chief financial officer now owns 58,877 shares in the company, valued at approximately $1,599,099.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Mark J. Foley sold 70,390 shares of the stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $31.59, for a total transaction of $2,223,620.10. Following the sale, the chief executive officer now owns 823,351 shares in the company, valued at approximately $26,009,658.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Tobin Schilke sold 3,701 shares of the stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $27.16, for a total transaction of $100,519.16. Following the sale, the chief financial officer now owns 58,877 shares in the company, valued at approximately $1,599,099.32. The disclosure for this sale can be found here. Insiders have sold a total of 140,014 shares of company stock worth $4,421,806 in the last quarter. Corporate insiders own 5.10% of the company’s stock.

About Revance Therapeutics

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Revance Therapeutics, Inc is a clinical stage biotechnology company, which engages in the development, manufacturing, and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic applications. The firm focuses on production of daxibotulinumtoxinA, a botulinum toxin, for aesthetic and therapeutic indications including facial wrinkles and muscle movement disorders.