Revance Therapeutics falls as Mizuho cuts to 'neutral'

Revance Therapeutics

29/01/2024 12:58

** Shares of Revance Therapeutics  RVNC.O  fall 2.35% to
$5.82 premarket
    ** Mizuho downgrades to "neutral" from "buy", cuts PT to $9
from $16
    ** Mizuho sees difficulty meeting co's 2024 product sales
forecast based on historical seasonality trends
    ** Co forecasts 2024 product sales to be at least $280 mln
vs analysts' estimates of $296.74 mln - LSEG estimates
    ** Brokerage believes launch of co's anti-wrinkle treatment
Daxxify "may need more time to smooth out the wrinkles"
    ** Brokerage says present hurdles to deeper adoption of the
treatment such as consumer expectations of the Botox rival's
efficacy vs price may need a few quarters to iron out
    ** Up to last close, stock had fallen ~82% in the last 12
months

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))