Revance removed ‘last roadblock’ for Daxxify, says William Blair

William Blair attributes the selloff yesterday in shares of Revance Therapeutics (RVNC) to the announcement of a revised pricing for Daxxify to be directly competitive with AbbVie’s (ABBV) Botox Cosmetic. The firm says that while it understands why the pricing was viewed as a negative, discussions at the investor day highlighted the new competitive pricing will make switching to Daxxify easier for both physicians and consumers and removes the “last roadblock” to adoption for the product. Blair believes the current share price represents an attractive entry point ahead of what it expects will be a “rapid launch as customers and physicians embrace the product’s differentiated profile and competitive pricing.” It keeps an Outperform rating on the shares.