In a recent filing with the Securities and Exchange Commission, it was reported that GSA Capital Partners LLP had purchased a new position in Revance Therapeutics, Inc. (NASDAQ:RVNC) during the final quarter of 2022. This institutional investor has acquired 45,659 shares of the biopharmaceutical company’s stock, which is valued at approximately $843,000. It now owns approximately 0.06% of Revance Therapeutics at the end of the most recent reporting period.
Revance Therapeutics, Inc is a clinical stage biotechnology firm that specialises in developing, manufacturing and commercialising novel botulinum toxin products for multiple aesthetic and therapeutic applications. The company is focused on producing daxibotulinumtoxinA, a botulinum toxin used for both aesthetic and therapeutic purposes such as facial wrinkles and muscle movement disorders.
The company’s stock opened at $30.41 on June 3, 2023 – it has a 50-day moving average of $32.36 and a 200-day moving average price of $29.07. Furthermore, this firm has a current ratio of 4.14 and quick ratio of 3.79 with a debt-to-equity ratio measuring in at a staggering 30:11.
Revance Therapeutics has experienced an impressive level of fluctuation throughout the past year – hitting its lowest level at just $11.27 yet reaching highs up to nearly $38 per share over this period.
It is not uncommon for institutional investors to purchase significant positions in successful companies such as Revance Therapeutics – particularly within the pharmaceutical sector where potential returns can be large given success in bringing new drugs or medical discoveries to marketplaces worldwide.
All things considered; it will be interesting to see how GSA Capital Partners LLP’s strategic investment in Revance Therapeutics pays off; whether we’ll see more investments from major players with Revance Therapeutics in the future – or what types of breakthroughs this clinical stage pharmaceutical company could potentially make within the space.
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Institutional Investors Show Growing Support for Revance Therapeutics
Revance Therapeutics, a clinical stage biotechnology company, is gaining traction among institutional investors. ProShare Advisors LLC increased its stake by 3.8% in the 3rd quarter and now owns 14,057 shares of the biopharmaceutical company’s stock worth $379,000 after acquiring an additional 516 shares in the last quarter. Amalgamated Bank and UBS Asset Management Americas Inc. also added more Revance Therapeutics’ shares to their portfolios with increases of 5.0% and 1.4%, respectively, during the same period. Earlier this year, Guggenheim Capital LLC lifted its holdings by 2.9%. Finally, Advisor Group Holdings Inc. demonstrated strong confidence through a massive 60.6% increase in its holdings in the first quarter of this year.
CFO Tobin Schilke and SVP Dwight Moxie have each recently sold over $500k worth of Revance Therapeutics’ shares, further piquing investor interest.
Meanwhile, RVNC managed to surpass analysts’ expectations after reporting Q1 earnings results on May 9th. The biopharmaceutical company posted ($0.74) EPS for Q1 better than analysts’ estimate of ($0.75). Moreover, it generated revenue of $49.33 million compared to analysts’ expectation of $46.21 million during that period.
RVNC has caught the attention of several equity research firms as well; HC Wainwright and Piper Sandler raised their price targets on Revance Therapeutics’ stocks recently by approximately $6 apiece while Barclays lifted its target price from $37 to $40 around three months ago.
This flurry of optimism from investors bodes well for future growth at Revance Therapeutics Inc., indicating that there could be more positive events coming soon that will continue to drive up its share value even higher than it already was prior to this recent surge of support. Ultimately, RVNC seems poised to continue its upward trend for the foreseeable future with a positive outlook on its future growth potential and a consensus “Moderate Buy” rating from investment experts.
