Brean Downgrades Revance Therapeutics Following RT-001 Fail

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.

Related Link: Brean Reiterates Buy Rating On Revance Ahead Of Upcoming Phase 3 Read-Out

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.