Revance Therapeutics drops on $100 mln stock offering plans

Revance Therapeutics

04/03/2024 13:30

** Shares of Revance Therapeutics  RVNC.O  down 7.7% at
$6.42 premarket as co looks to raise equity
    ** Aesthetic drug maker announces $100 mln stock offering
with Barclays as sole bookrunner
    ** 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 ~$616 mln market
cap, per LSEG
    ** Shares down ~21% YTD through Fri close, and have shed
about 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))