Biotech Values

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Allergan pursuit of longer-acting toxin not a risk for Revance, says Cowen

Cowen analyst Ken Cacciatore noted that Allergan (AGN) indicated during its medical aesthetics analyst day this morning that the company is working on a longer-acting toxin. He believes the Allergan pursuit is not a risk for Revance (RVNC), but is actually confirming of the latter company's thesis that there is indeed a viable market for longer-acting toxins.

Any weakness in Revance shares should quickly reverse given the company's clinical data and stage of development, contends Cacciatore, who has an Outperform rating and $55 price target on the stock. In morning trading, Revance shares are well off their earlier lows but remain down about 2.5% to $25.30.

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