Revance Therapeutics, Inc. (NASDAQ: RVNC)
Revance Therapeutics, Inc. (RVNC), a clinical-stage biotechnology company yesterday reported results from its REALISE 1 phase 3 trial of DaxibotulinumtoxinA Topical Gel which is used to treat patients with crow’s feet. The trial did not reach its co- primary and other endpoints.
Revance Therapeutics, Inc. CEO’s Comments
“We are disappointed with the results of the REALISE 1 trial. The data was unambiguous, and we do not plan to continue development of RT001 topical for crow’s feet. Based on these results, we have also decided not to pursue the current clinical development plan for RT001 in axillary hyperhidrosis. We are grateful to all the patients and investigators for their participation in the REALISE 1 trial,” said Dan Browne, President and Chief Executive Officer at Revance. “Given the positive results in our recent Phase 2 BELMONT active comparator trial, we will focus our future development efforts and financial resources on DaxibotulinumtoxinA for Injection (RT002).”
Mr. Browne continued, “Looking ahead to the second half of this year, we remain on track to initiate RT002 injectable Phase 3 clinical trials for glabellar lines and report interim Phase 2 results in cervical dystonia. We recently held an End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) regarding our RT002 injectable program for glabellar lines. We believe the meeting was informative and productive. Meeting minutes are in process, and consistent with company and industry practice, we look forward to providing further updates when we have final minutes from the FDA.” Globe Newswire
RVNC Technical Analysis
RVNC opened trading yesterday at $18.25 which was down from the previous days trading of $18.46. RVNC closed trading yesterday at $18.35 and crashed down after market to $13.91, equivalent to a 24% decrease from the closing price. Taking a look at the daily chart we can see that we are in unchartered territory as RVNC is trading at all time lows. Taking a closer look at the daily chart we can see that RVNC has been on a downward trend dating back to December 30th when it traded at $35.51. RVNC has a float of 20.44 million shares and traded 2.86 times the normal daily trading volume on Monday. For trading purposes, I would like to see RVNC open trading on Tuesday below $15.30 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
Company Profile
Revance Therapeutics, Inc., a clinical-stage biotechnology 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 crows feet lines in North America; and in Phase II clinical trial for the treatment of primary axillary hyperhidrosis. The company is also developing RT002, a novel injectable formulation of botulinum toxin type A, which is in a Phase II clinical trial for the treatment of glabellar lines and 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
