Skip to main content

Market Overview

Wells Fargo Turns Bullish On Revance Therapeutics After Meeting With Management

Wells Fargo Turns Bullish On Revance Therapeutics After Meeting With Management

Earlier this month, Revance Therapeutics Inc (NASDAQ: RVNC) named Mark Foley as its new CEO.

The addition of a commercial-focused CEO, with experience in unlocking shareholder value in aesthetics, is a “major positive,” according to Wells Fargo.

The Analyst

Wells Fargo’s Jacob Hughes upgraded Revance Therapeutics from Market Perform to Outperform raising the price target from $12.50 to $20.

The Thesis

Mark Foley’s strong track record of commercial success in aesthetics is particularly important, as Revance Therapeutics is transitioning from a development stage to commercialization, Hughes said in the upgrade note.

He added that the new CEO will also focus on reducing the company’s operating expenses to curb the rate of cash burn.

Hughes mentioned that Revance Therapeutics had several catalysts over the next six to twelve months, the most notable of which is a biologics license application (BLA) submission for DaxibotulinumtoxinA (DAXI) for treatment of glabellar lines by the end of November.

“Revance growth potential is significant in a multi-billion neurotoxins market, targeting both aesthetic and therapeutic indications,” the analyst wrote. He added that these markets were poised for continued expansion and that disruption from the merger between Allergan plc (NYSE: AGN) and AbbVie Inc (NYSE: ABBV) could create opportunities to take share.

Price Action

Shares of Revance Therapeutics rose slightly to close trading at $15.42 on Tuesday.

Latest Ratings for RVNC

Feb 2021HC Wainwright & Co.MaintainsBuy
Jan 2021NeedhamMaintainsBuy
Oct 2020NeedhamMaintainsBuy

View More Analyst Ratings for RVNC
View the Latest Analyst Ratings


Related Articles (RVNC)

View Comments and Join the Discussion!

Posted-In: Analyst Color Biotech News Upgrades Price Target Management Analyst Ratings General

Latest Ratings

ICADGuggenheimInitiates Coverage On24.0
SMBKRaymond JamesUpgrades27.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at