Revance Therapeutic (RVNC) PT Lowered to $11 at Piper Sandler

Piper Sandler analyst David Amsellem lowered the price target on Revance Therapeutic (NASDAQ: RVNC) to $11.00 (from $20.00) while maintaining a Overweight rating.

The analyst commented, "Revance reported a 1Q24 adjusted net loss per share of ($0.43) on revenues of $51.9M, compared to Street estimates of ($0.46) and $56.4M, respectively. Management continues to expect 2024 net sales of at least $280M (consensus is ~$292M), with over half of sales likely to come from the RHA franchise (per RVNC commentary). With Daxxify sales in facial aesthetics annualizing to nearly ~$90M five full quarters into its commercial life, and with RHA sales annualizing to ~$120M approximately three years into its commercial life (bearing in mind that 1Q is seasonally the weakest quarter in the broader facial aesthetics space), RVNC in our view does have a fighting chance of achieving its stated 2024 topline expectation, in addition to achieving break-even sometime in 2025. We reiterate our Overweight rating and lower our PT to $11 from $20, owing to tempered Daxxify and RHA estimates beyond 2024."

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