Aegis Capital has reiterated its ‘Buy’ rating and price target of $28 on shares of Revance Therapeutics, Inc. (NASDAQ: RVNC) following release of the company’s first-quarter results. Revance reported cash and investments of $188.6 million as of March 31, 2017, which the analyst noted is expected to support operations through year end 2018. The company also provided a clinical development update, including news that the Sakura 1 & 2 phase 3 trials for glabellar lines are on track to report top-line results in the fourth quarter of 2017. Additionally, the company’s phase 2 trial for plantar fasciitis is set to report top-line results in the fourth quarter of 2017.
For more information, visit www.revance.com
About Revance Therapeutics, Inc.
Revance, a Silicon Valley-based biotechnology company, is committed to the advancement of remarkable science. The company is developing a portfolio of products for aesthetic medicine and underserved therapeutic specialties, including dermatology, orthopedics and neurology. Revance’s science is based upon a proprietary peptide technology, which when combined with active drug molecules, may help address current unmet needs. Revance’s initial focus is on developing daxibotulinumtoxinA, the company’s highly purified botulinum toxin, for a broad spectrum of aesthetic and therapeutic indications, including facial wrinkles and muscle movement disorders. The company’s lead drug candidate, DaxibotulinumtoxinA for Injection (RT002), is currently in development for the treatment of glabellar lines, cervical dystonia and plantar fasciitis with the potential to be the first long-acting neuromodulator. The company holds worldwide rights to RT002 injectable and RT001 topical and the pharmaceutical uses of its proprietary peptide technology platform.
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