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H.C. Wainwright keeps Buy rating on Revance, says FDA news 'not surprising'

H.C. Wainwright analyst Douglas Tsao said Revance's announcement that the FDA deferred the approval decision for Daxi's BLA from its PDUFA date of November 25 was "not surprising" given how a required site inspection was unable to be scheduled. While "obviously disappointing," Tsao contends that it is important to recognize this is not a complete response letter and not a reflection of a problem with the Daxi BLA, but a reflection of travel restrictions impacting the FDA. He reiterates a Buy rating on Revance shares with a $33 price target.

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