With New Growth Avenues, Analysts Boost Price Targets For This Botox Competitor

  • A major overhang has been lifted with the FDA approval of Revance Therapeutics Inc's RVNC Daxxify (DaxibotulinumtoxinA-lanm).
  • The catalyst also provides a transformative growth driver for Revance in the ~$1.7 billion U.S. cosmetic toxin market. 
  • Mizuho has raised the price target to $30 and maintains the Buy rating.
  • "We expect Daxxify to be a major competitor given its best-in-class profile with the 6-month median duration of effect in treating glabellar lines," writes Mizuho analyst.
  • Mizuho estimates Daxxify's price in parity with Botox.
  • HC Wainwright says that the approval didn't come as much of a surprise and raised the price target to $29 with a Buy rating.
  • The big suspense for most investors was whether FDA would grant differentiated labeling in terms of duration because the neuromodulators currently in the market have labeled durations of 3 to 4 months. 
  • Including the full dataset will allow its reps to make various claims around durability, which should prove advantageous commercially. 
  • Price Action: RVNC shares are up 15% at $29.09 on the last check Friday.
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