Revance price target lowered to $20 from $42 at Piper Sandler

Piper Sandler lowered the firm’s price target on Revance to $20 from $42 and keeps an Overweight rating on the shares. The firm notes Revance reported a Q4 adjusted net loss per share of (49c) on revenues of $69.8M, compared to Street estimates of (65c) and $62.1M, respectively. With Daxxify sales in aesthetics annualizing to just under $100M four full quarters into its commercial life, and with RHA sales annualizing to $140M approximately three years into its commercial life, along with a streamlined cost structure, Revance’s view that it can reach profitability sometime next year strikes the firm as credible, ultimately translating into high visibility into value recovery over time.