AGN/RVNC: AGN CEO on Mad Money last night. Cramer had plenty of opportunities to ask about competition from Botox challengers. Instead he wrote them off with a hand wave and a remark like "I just don't see them anywhere [or becoming anything or something]."
Yeah, he's kind of a suck up, but not a total pushover. RVNC's CEO was on MM last year too, so Cramer is familiar with the company. I really don't care what Cramer believes, but clearly he isn't the only one. While the market hasn't liked AGN much in the last couple of years, clearly some participants don't hold out much hope for RVNC either. RVNC started it's descent from the highs much earlier in 2018 than the XBI or IBB so you can't say it's general biotech malaise.
What is the bear thesis? Therapeutic indications, where most of Botox is used/sold, will require much more funding for RVNC? Botox will burn the ship to the water line on price to retain market share in aesthetics to prevent RVNC from funding itself on those sales in the meantime?
