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Why is Revance Therapeutics Inc (RVNC) Stock down?
Revance Therapeutics Stock (RVNC) dropped by 17.05% from $8.33 to $6.91 in the trading on Thursday November 09, 2023. The reason why RVNC stock down today is due to its Q3 earnings results. The company reported missed results that concerned the investors, causing RVNC stock price going down.
- Q2 GAAP EPS loss of -$1.63, missing the consensus by $0.69. Net loss for the three and nine months ended September 30, 2023 was $141.2M and $268.3M, respectively, compared to a net loss of $84.7M and $210.5M for the same periods in 2022.
- Revenue of $56.8M, up +95.9% Y/Y, missing the consensus by $1.94M. Total revenue for the three months ended September 30, 2023, nearly doubled to $56.8M from $29.0M for the same period last year, primarily due to the commercialization of DAXXIFY and sales growth of the RHA Collection of dermal fillers.
Shares of Revance Therapeutics (RVNC) dropped by 3.88% from $10.31 to $9.91 in the trading on Wednesday October 11, 2023. The RVNC stock is down due to the a downward revision in its price target to $33.82 from $38.88 by 11 analysts. The adjustment in the price target significantly influenced investors' sentiment.
Revance Therapeutics, Inc. (RVNC) was down, falling 17.31% to $13.81. Revance Therapeutics commenced a plan to exit the OPUL payments business, citing that significant costs and resources required to support OPUL no longer align with the company’s capital allocation priorities.
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