Revance Therapeutic (RVNC) PT Lowered to $25 at Needham & Company

Needham & Company analyst Serge Belanger lowered the price target on Revance Therapeutic (NASDAQ: RVNC) to $25.00 (from $45.00) while maintaining a Buy rating.

The analyst commented, "FDA issued a CRL for the Daxi BLA due to deficiencies related to the FDA's inspection of the Revance manufacturing facility. A recently made public Form 483 letter highlighted five issues related to the recent inspection of RVNC's facility. The next step is an FDA meeting to get clarity on addressing the deficiencies and whether a re-inspection is required. We currently expect a min 6-12 month FDA approval delay assuming the deficiencies are minor and can be addressed expeditiously. RVNC is well funded (~$336MM as of 6/30/21) to operate thru the delay, but will likely have to curb R&D investments for therapeutic Daxi programs. While the delay is a setback, Daxi's long-term potential remains intact, and thus, we maintain our Buy rating, but adjust our PT to $25 (from $45) to reflect the regulatory delay and risk associated with the CRL."

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