Investors Purchase Large Volume of Put Options on Revance Therapeutics (NASDAQ:RVNC)

Revance Therapeutics, Inc. (NASDAQ:RVNC) was the recipient of unusually large options trading activity on Tuesday. Traders purchased 6,905 put options on the stock. This represents an increase of approximately 136% compared to the typical volume of 2,926 put options.

Revance Therapeutics Stock Performance

Shares of Revance Therapeutics stock opened at $3.67 on Wednesday. Revance Therapeutics has a 52-week low of $2.30 and a 52-week high of $7.56. The stock has a market capitalization of $383.11 million, a price-to-earnings ratio of -1.90 and a beta of 0.86. The company’s 50 day moving average price is $3.47 and its 200-day moving average price is $4.57.

Revance Therapeutics (NASDAQ:RVNC) last announced its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.02). The company had revenue of $59.88 million during the quarter, compared to the consensus estimate of $67.73 million. As a group, equities research analysts forecast that Revance Therapeutics will post -1.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RVNC has been the subject of several research reports. Mizuho reduced their price target on shares of Revance Therapeutics from $6.66 to $3.10 and set a “neutral” rating for the company in a research report on Tuesday, December 10th. HC Wainwright reissued a “neutral” rating and issued a $6.60 price target on shares of Revance Therapeutics in a report on Friday, November 8th. StockNews.com began coverage on shares of Revance Therapeutics in a report on Tuesday. They issued a “hold” rating on the stock. Needham & Company LLC reissued a “hold” rating on shares of Revance Therapeutics in a report on Friday, January 17th. Finally, Barclays lowered their price target on shares of Revance Therapeutics from $7.00 to $3.00 and set an “equal weight” rating on the stock in a report on Monday, December 23rd. Nine equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.39.

Hedge Funds Weigh In On Revance Therapeutics

Several large investors have recently modified their holdings of the stock. LMR Partners LLP bought a new stake in Revance Therapeutics in the 3rd quarter worth about $11,648,000. Integral Health Asset Management LLC bought a new position in shares of Revance Therapeutics during the 2nd quarter valued at approximately $1,285,000. Alpine Associates Management Inc. bought a new position in shares of Revance Therapeutics during the 3rd quarter valued at approximately $21,605,000. Oddo BHF Asset Management Sas bought a new position in shares of Revance Therapeutics during the 3rd quarter valued at approximately $3,763,000. Finally, FNY Investment Advisers LLC lifted its holdings in Revance Therapeutics by 160.4% in the 4th quarter. FNY Investment Advisers LLC now owns 477,823 shares of the biopharmaceutical company’s stock worth $1,452,000 after purchasing an additional 294,323 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Revance Therapeutics Company Profile

Revance Therapeutics, Inc, a biotechnology company, engages in the development, manufacture, and commercialization of neuromodulators for various aesthetic and therapeutic indications in the United States and internationally. The company’s lead drug candidate is DAXXIFY (DaxibotulinumtoxinA-lanm) for injection for the treatment of glabellar lines and cervical dystonia; has completed phase II clinical trials to treat upper facial lines, moderate or severe dynamic forehead lines, and moderate or severe lateral canthal lines; and has completed Phase II clinical trials for the treatment of adult upper limb spasticity and plantar fasciitis.