With New Growth Avenues, Analysts Boost Price Targets For This Botox Competitor

A major overhang has been lifted with the FDA approval of Revance Therapeutics Inc's RVNC Daxxify (DaxibotulinumtoxinA-lanm).
The catalyst also provides a transformative growth driver for Revance in the ~$1.7 billion U.S. cosmetic toxin market.
Mizuho has raised the price target to $30 and maintains the Buy rating.
"We expect Daxxify to be a major competitor given its best-in-class profile with the 6-month median duration of effect in treating glabellar lines," writes Mizuho analyst.
Mizuho estimates Daxxify's price in parity with Botox.
HC Wainwright says that the approval didn't come as much of a surprise and raised the price target to $29 with a Buy rating.
The big suspense for most investors was whether FDA would grant differentiated labeling in terms of duration because the neuromodulators currently in the market have labeled durations of 3 to 4 months.
Including the full dataset will allow its reps to make various claims around durability, which should prove advantageous commercially.
Price Action: RVNC shares are up 15% at $29.09 on the last check Friday.