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Stock Market & Financial Investment News

News Breaks
August 7, 2014
13:28 EDTRVNCRevance Therapeutics pullback a buying opportunity, says Cowen
Cowen says that while the FDA draft guidance on upper facial lines was surprising, it believes Revance's protocol for RT001 will be found acceptable. The firm recommends adding to Revance positions following the recent pullback and keeps an Outperform rating on the stock with a $55 price target.
News For RVNC From The Last 14 Days
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November 14, 2014
15:40 EDTRVNCRevance management to meet with Piper Jaffray
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November 13, 2014
16:36 EDTRVNCOn The Fly: Closing Wrap
Stocks on Wall Street saw another day of relatively quiet trading in a tight range, but the major averages once again finished the session higher than where they'd began. The Dow, powered by the post-earnings advance from Wal-Mart (WMT), led and closed at a new all-time high for the third time in the last four days. ECONOMIC EVENTS: In the U.S., initial jobless claims rebounded 12K to 290K in the week ending November 8, versus expectations for 280K first-time claims. The Job Openings and Labor Turnover Survey, or JOLTs report, showed job openings fell to 4.335M in September, versus the consensus forecast for 4.8M openings. The Treasury reported a $121.7B budget deficit for October, versus the consensus deficit forecast of $117B. COMPANY NEWS: Wal-Mart led the Dow, advancing $3.74, or 4.72%, to $82.94 after the world's largest retailer's earnings beat expectations and it reported U.S. comparable store sales grew 0.5% during the just-completed quarter... Warren Buffett’s Berkshire Hathaway (BRK.A) agreed to acquire the Duracell battery business from Procter and Gamble (PG) via a stock swap. In exchange for a recapitalized Duracell company, which will include approximately $1.7B in cash at closing, P&G will receive shares of its own common stock currently held by Berkshire having a current value of approximately $4.7B, the companies announced. Shares of Procter & Gamble, which also guided to FY15 core EPS growth in a mid-single digit percentage range, fell 88c, or 0.98%, to $88.60 after the deal was announced and guidance was issued. MAJOR MOVERS: Among the notable gainers was Baker Hughes (BHI), which surged $7.77, or 15.24%, to $58.75 after The Wall Street Journal said the company is in fast-moving talks to be acquired by larger peer Halliburton (HAL), which also rose 56c, or 1.05%, to $53.79 following the report. Also higher was DreamWorks Animation (DWA), which jumped $3.15, or 14.08%, to $25.52 after several media outlets reported that the animated movie maker company was in talks about selling itself to toy maker Hasbro (HAS). Hasbro shares fell $2.49, or 4.33%, to $54.98 following the reports. Also lower were shares of Revance (RVNC), which fell $4.93, or 23.48%, to $16.07 after the company said last night that the preliminary results from its ongoing open-label study suggest it still has "some work to do" to increase the probability of success for its upcoming Phase 3 pivotal program for RT001. INDEXES: The Dow rose 40.59, or 0.23%, to 17,652.79, the Nasdaq gained 5.01, or 0.11%, to 4,680.14, and the S&P 500 added 1.08, or 0.05%, to 2,039.33.
12:44 EDTRVNCOn The Fly: Midday Wrap
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09:29 EDTRVNCRevance says RT001 development plans delayed
Revance Therapeutics CEO Dan Browne said last night in concert with the company's Q3 report: "While we have made significant progress with RT001, the preliminary results from our ongoing open-label study suggest we still have some work to do to optimize the transfer of manufacturing to our commercial facility and increase the probability of success for our upcoming Phase 3 pivotal program. We are encouraged by the valuable and promising efficacy data observed among the patient and physician measurements, but the preliminary composite results were not adequate to move forward with our Phase 3 pivotal study at this time. As a next step, we plan to complete the ongoing open-label study, fully analyze the data, and manufacture additional RT001 drug product in our commercial facility to support a subsequent study expected to commence in early 2015...We are moving ahead with our second RT001 indication for the treatment of hyperhidrosis, or excessive sweating, and we expect to begin a Phase 2 study to treat this condition in early 2015. We will also start a Phase 2 active comparator trial for our injectable product candidate, RT002, for the treatment of frown lines before the end of 2014, and we are evaluating therapeutic indications with this compound and anticipate initiating a clinical trial in 2015."
07:30 EDTRVNCCredit Suisse to hold a conference
Healthcare Conference is being held in Scottsdale, Arizona on November 10-13 with webcasted company presentations to begin on November 13 at 11 am; not all company presentations may be webcasted. Webcast Link

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