Revance price target lowered to $44 from $50 at Piper Sandler

Piper Sandler lowered the firm’s price target on Revance to $44 from $50 and keeps an Overweight rating on the shares. The firm attended Revance’s investor day at the company’s hub in Nashville, where management notably outlined revised pricing for Daxxify. Though the optics of the “reset” are admittedly messy, Piper nonetheless would view what is essentially the removal of premium pricing as the elimination of a hurdle to wider adoption in the context of a highly competitive neuromodulator space, but one that is vast in terms of the addressable patient population. Put differently, there is strong practitioner receptivity to Daxxify, but in the context of a more measured pricing structure. That is not a bad thing, and does not change the firm’s view that Revance is well-positioned to drive a $1B-plus sales footprint, Piper adds.