Revance Therapeutics, Inc. (RVNC) Stock | Positive Interim Results in BELMONT Study

3087

Revance Therapeutics, Inc.  (NASDAQ: RVNC)

 

Revance Therapeutics, Inc.  (RVNC), a clinical stage biopharmaceutical company yesterday announced positive interim results for its Belmont Phase 2 active comparator study of injectable RT002. Not only did the study showed statistical improvement over the placebo, it also showed statistical improvement compared to BOTOX Cosmetic.

 

Revance Therapeutics, Inc. CEO Comments

“The BELMONT study, using some of the top botulinum toxin injectors, was designed to further demonstrate the effectiveness and duration of RT002 versus BOTOX Cosmetic, the current market leader. The interim results are compelling,” said Dan Browne, President and Chief Executive Officer at Revance. “The results clearly support that 40U is the right dose to take forward. We plan to report BELMONT’s final study results and to conduct an End-of-Phase 2 meeting with the FDA in the first half of next year. We expect to begin Phase 3 clinical studies in the second half of 2016. Assuming the duration observed in our Phase 3 studies is consistent with the results reported today, we believe the collective data should support a 6-month duration label.”  Globe Newswire

 

RVNC Technical Analysis

RVNC2_001

RVNC gapped up in price yesterday to $35.66, up from the prior day’s close of $26.73, which is a 33% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was on June 17th, when it hit its 52 week high price of $35.72. RVNC does have a low float of 16.04 million shares and is trading on over 12 times the normal daily trading volume. Both of these factors make the stock a good candidate for the gap and go strategy. The stock did reach pre market highs of $46 but it gave back $10.34 at the open, or equivalent to 22%. This does put up a red flag for the stock but the it settled right below the previous 52 week high price. For trading purposes, my entry point would have been $35.75 looking for it to pop as it breaks the 52 week high. My stop loss would have been $35.50 fearing anything below that and the stock would start to fill in the gap up.

 

Company Profile

Revance Therapeutics, Inc., a clinical-stage specialty biopharmaceutical company, focuses on the development, manufacture, and commercialization of novel botulinum toxin products for various aesthetic and therapeutic indications. It develops RT001, a topical gel formulation of botulinum toxin type A that is in Phase III development program for the treatment of crow’s feet lines in North America and is initiating a Phase II clinical trial for the treatment of primary axillary, or underarm, hyperhidrosis. The company is also developing RT002, a novel injectable formulation of botulinum toxin type A, which is in a Phase II active comparator clinical trial for the treatment of glabellar lines and is initiating a Phase II trial for the treatment of cervical dystonia. The company was formerly known as Essentia Biosystems, Inc. and changed its name to Revance Therapeutics, Inc. in April 2005. Revance Therapeutics, Inc. was founded in 1999 and is headquartered in Newark, California.  Yahoo Finance

 

IMAGE CREDIT

NO COMMENTS

LEAVE A REPLY