Revance Therapeutics drops after $100 mln stock offering prices

Revance Therapeutics

04/03/2024 14:47

(Updates with pricing details)
    ** Shares of Revance Therapeutics  RVNC.O  down 10.7% at
$6.23 on Mon after equity offering prices
    ** Aesthetic drug maker sells 16 mln shares at $6.25 for
$100 mln gross raise with Barclays as sole bookrunner
    ** Offering price represents 10.5% discount to stock's close
on Fri
    ** Co plans to use net proceeds to advance commercial growth
of Daxxify and its RHA collection of dermal fillers, per the
prospectus filing
    ** RVNC shares on Thurs surged 26% to $7.14 after co late
Weds posted Q4 rev of $69.8 mln, up 40% yr/yr, topping LSEG
consensus of $62 mln, and said expects 2024 product rev of at
least $280 mln
    ** Co has ~88.2 mln shares outstanding for about $550 mln
marker value, per LSEG
    ** With move on the session, shares down ~29% YTD and have
shed roughly 80% over the last 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))