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Fly News Breaks for January 18, 2019
RVNC
Jan 18, 2019 | 05:26 EDT
Mizuho analyst Difei Yang lowered her price target for Revance Therapeutics to $37 after the company priced a $100M public offering at $17 per share. The analyst estimates Revance's cash position is approximately $260M-$270M, sufficient to fund operations through Q3 of 2020. However, she believes additional funding may be needed in the second half of 2020 to execute the commercial launch of RT002 in glabellar lines and reach breakeven. Nonetheless, Yang reiterates a Buy rating on Revance and continues to see strong potential in RT002.
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