- A major overhang has been lifted with the FDA approval of Revance Therapeutics Inc’s (NASDAQ: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.
Novavax Reports Filed For Authorization Of Its COVID-19 Vaccine In UK
Filing marks first protein-based COVID-19 vaccine submitted to MHRA for authorization
All modules required for regulatory review, including CMC data, are now complete
Submission based on Phase 3 data from ~45K
