Is Revance Therapeutics Inc (RVNC) A Good Stock To Buy?

Hedge funds run by legendary names like Nelson Peltz and David Tepper make billions of dollars a year for themselves and their super-rich accredited investors (you’ve got to have a minimum of $1 million liquid to invest in a hedge fund) by spending enormous resources on analyzing and uncovering data about small-cap stocks that the big brokerage houses don’t follow. Small caps are where they can generate significant out-performance. That’s why we pay special attention to hedge fund activity in these stocks.

Revance Therapeutics Inc (NASDAQ:RVNC) investors should pay attention to a decrease in activity from the world’s largest hedge funds recently. RVNC was in 10 hedge funds’ portfolios at the end of September. There were 12 hedge funds in our database with RVNC holdings at the end of the previous quarter. At the end of this article we will also compare RVNC to other stocks including Libbey Inc. (NYSEAMEX:LBY), Brookline Bancorp, Inc. (NASDAQ:BRKL), and Isle of Capri Casinos (NASDAQ:ISLE) to get a better sense of its popularity.

Follow Revance Therapeutics Inc. (NASDAQ:RVNC)

In the 21st century investor’s toolkit there are a lot of gauges shareholders can use to grade stocks. A couple of the most innovative gauges are hedge fund and insider trading indicators. Our researchers have shown that, historically, those who follow the top picks of the top money managers can trounce the broader indices by a very impressive margin (see the details here).

Keeping this in mind, let’s view the fresh action regarding Revance Therapeutics Inc (NASDAQ:RVNC).

What have hedge funds been doing with Revance Therapeutics Inc (NASDAQ:RVNC)?

At Q3’s end, a total of 10 of the hedge funds tracked by Insider Monkey held long positions in this stock, a drop of 17% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were upping their holdings considerably (or already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Polar Capital, managed by Brian Ashford-Russell and Tim Woolley, holds the largest position in Revance Therapeutics Inc (NASDAQ:RVNC), worth approximately $35.2 million and comprising 0.7% of its 13F portfolio. On Polar Capital’s heels is Israel Englander of Millennium Management, with a $5.3 million position; less than 0.1% of its 13F portfolio is allocated to the stock. Other peers that are bullish contain Phill Gross and Robert Atchinson’s Adage Capital Management, and Jim Simons’s Renaissance Technologies.