Brean Capital's Difei Yang downgraded Revance Therapeutics Inc RVNC from Buy to Hold and removed the price target. The downgrade came after RT-001 failed a Phase III study for Crow's Feet.
Besides RT-001's failure, Yang needed "more clarity on the Phase III trial design for Glabellar lines" before rating the company as a Buy. Taking into consideration RT-001's loss and Glabellar lines' lack of visibility, the analyst claimed there were "no meaningful catalysts in the immediate time horizon."
At the time of writing, Revance Therapeutics traded at $18.35, down 24.36 percent in the pre-market session.
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