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Goldman Sachs Sees 100% Upside In This Biopharma Company

Courtesy of Benzinga.

Goldman Sachs Sees 100% Upside In This Biopharma Company

Revance Therapeutics Inc (NASDAQ: RVNC) has dropped 9 percent since the start of the year, but it’s begun a path to redemption through a new, respected advocate.

The Rating

Goldman Sachs analysts Dana Flanders and Christopher Staral initiated coverage on Revance with a Buy rating and a $60 price target.

The Thesis

Revance’s injectable DaxibotulinumtoxinA will soon penetrate and rise in a $3 billion global neuromodulator market expected to post 11-percent compound annual growth through 2023.

Goldman Sachs foresees long-term opportunity in the treatment of glabellar lines, cervical dystonia and plantar fasciitis — expectations supported by physician surveys indicating a potential premium to Botox pricing and few challenges from Allergan plc Ordinary Shares (NYSE: AGN)’s cosmetic portfolio.

The analysts forecast peak sales north of $1.1 billion, which may secure Revance looks from outside parties.

“Given the attractiveness of the global neuromodulator market […] and growth potential from label expansion opportunities for Daxi, we also see high likelihood of M&A interest in RVNC over time,” Flanders and Staral wrote in a note.

Risks to their thesis include slow commercial uptake, competition and regulatory roadblocks.

Price Action

Shares spiked 5.4 percent on the coverage initiation. At time of publication, Revance’s stock traded up 1.9 percent off Monday’s open at $31.90.

Related Links:

Botox Competition Spurs Argus To Downgrade Allergan

The Companies That Led 2017′s Biotech Rally

Latest Ratings for RVNC

Date Firm Action From To
Mar 2018 Goldman Sachs Initiates Coverage On Buy
Jan 2018 Guggenheim Downgrades Buy Neutral
Dec 2017 Guggenheim Initiates Coverage On Buy

View More Analyst Ratings for RVNC


View the Latest Analyst Ratings

Posted-In: Christopher Staral Dana Flanders DaxibotulinumtoxinAAnalyst Color Price Target Initiation Top Stories Analyst Ratings Best of Benzinga


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