- A large overhang was raised with the FDA approval from Revance Therapeutics Inc RVNC Daxxify (Daxibotulinum toxin A-lanm).
- The catalyst also represents a transformative growth driver for Revance in the ~$1.7 billion cosmetic toxin market.
- Mizuho Has raised the price target to $30 and keeps the buy rating.
- “We expect Daxxify to be a key contender in the treatment of glabellar lines given its best-in-class profile with a median duration of action of 6 months,” writes a Mizuho analyst.
- Mizuho estimates the price of Daxxify on par with Botox.
- HC Wainwright says the approval came as no surprise and raised the price target to $29 with a buy rating.
- The big tension for most investors was whether the FDA would grant differentiated duration labeling, since neuromodulators currently on the market have labeled durations of 3 to 4 months.
- Incorporating the full data set will allow its proponents to make various claims about shelf life, which should prove commercially advantageous.
- Price promotion: RVNC shares are up 15% to $29.09 on the last check Friday.
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