Revance Therapeutics (RVNC) Shares Declined on Profit-Taking
Baron Funds, an investment management company, released its “Baron Discovery Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 3.58% (Institutional Shares) in the second quarter trailing the Russell 2000 Growth Index’s 7.05% return. Year-to-date, the fund returned 15.19% (Institutional Shares) compared to a 13.55% return for the benchmark. The macroeconomic landscape remains complicated, and the market’s general tendency is toward fear rather than greed. Nonetheless, the firm remains hopeful that the market has bottomed and that an economic recovery is starting. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Discovery Fund highlighted stocks like Revance Therapeutics, Inc. (NASDAQ:RVNC) in the second quarter 2023 investor letter. Headquartered in Nashville, Tennessee, Revance Therapeutics, Inc. (NASDAQ:RVNC) is a biotechnology company. On August 18, 2023, Revance Therapeutics, Inc. (NASDAQ:RVNC) stock closed at $17.31 per share. One-month return of Revance Therapeutics, Inc. (NASDAQ:RVNC) was -23.95%, and its shares lost 18.54% of their value over the last 52 weeks. Revance Therapeutics, Inc. (NASDAQ:RVNC) has a market capitalization of $1.455 billion.
Baron Discovery Fund made the following comment about Revance Therapeutics, Inc. (NASDAQ:RVNC) in its second quarter 2023 investor letter:
"Shares of Revance Therapeutics, Inc. (NASDAQ:RVNC), an aesthetics-forward biotechnology company, declined in the quarter. Revance sells facial injectables and in December 2022 started a soft launch preview program for Daxxify, the company’s longer-acting competitor to Botox. Daxxify lasts for six months on average compared to Botox’s three to four months. Shares rose sharply in the prior quarter on strong early orders of Daxxify, and shares gave back some gains likely due to profit-taking. Revance is now expanding the launch and training additional injectors. Early feedback has been positive regarding Daxxify’s longer duration, faster onset-of-action, and natural aesthetic result. Shares are in a news vacuum as investors parse this qualitative feedback and await a better understanding of practice ordering patterns and more concrete revenue growth. We think Daxxify’s longer[1]lasting injectable is a key selling point, and we expect to see meaningful uptake in the back half of 2023 and beyond. Ultimately, we see Daxxify and the already-launched RHA fillers capturing significant share in the fast-growing $4 billion-plus facial injectables market and supporting a double of the current valuation."
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Revance Therapeutics, Inc. (NASDAQ:RVNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Revance Therapeutics, Inc. (NASDAQ:RVNC) at the end of second quarter which was 20 in the previous quarter.
We discussed Revance Therapeutics, Inc. (NASDAQ:RVNC) in another article and shared the list of oversold biotech stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
