Revance price target lowered to $15 from $41 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Revance Therapeutics to $15 from $41 and keeps a Buy rating on the shares. The firm lowered estimates for Revance after collecting market feedback following the company’s decision to lower pricing for Daxxify, making it “competitive” with Botox for high volume accounts. H.C. Wainwright says that like much of the Street, it was surprised that Revance abandoned its premium pricing strategy for Daxxify less than 12 months into the launch. The analyst expects the shares may remain range-bound in the near term as Street estimates adjust.