Is Revance Therapeutics (RVNC) a Worthy Investment Pick?

Baron Funds, an asset management firm, published its “Baron Discovery Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. In what turned out to be a challenging first quarter, Baron Discovery Fund (the “Fund”) decreased 16.30% (Institutional Shares), which was 3.67% below the Russell 2000 Growth Index (the “Benchmark”). Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Baron Discovery Fund mentioned Revance Therapeutics, Inc. (NASDAQ:RVNC) and explained its insights for the company. Founded in 1999, Revance Therapeutics, Inc. (NASDAQ:RVNC) is a Newark, California-based pharmaceutical company with an $873.9 million market capitalization. Revance Therapeutics, Inc. (NASDAQ:RVNC) delivered a -26.41% return since the beginning of the year, while its 12-month returns are down by -59.87%. The stock closed at $12.01 per share on June 14, 2022.

Here is what Baron Discovery Fund has to say about Revance Therapeutics, Inc. (NASDAQ:RVNC) in its Q1 2022 investor letter:

“Revance Therapeutics, Inc. (NASDAQ:RVNC) is a pharmaceutical company developing a long-lasting injectable botulinum toxin that it calls Daxibotulinum toxin (Daxi). Daxi has aesthetic and therapeutic applications. Although the FDA delayed certification of its manufacturing plant in the third quarter of 2021, Revance filed its updated application in March 2022 and now expects approval by the third quarter of 2022 (ahead of consensus). The U.S. market for Daxi for aesthetic uses is now $1.7 billion and there is a $1 billion market for non-Daxi dermal fillers as well, which Revance can address via an acquired product line. Additionally, Daxi is currently in clinical trials for various therapeutics indications in markets worth over $2 billion.”

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Our calculations show that Revance Therapeutics, Inc. (NASDAQ:RVNC) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Revance Therapeutics, Inc. (NASDAQ:RVNC) was in 12 hedge fund portfolios at the end of the first quarter of 2022, compared to 9 funds in the previous quarter. Revance Therapeutics, Inc. (NASDAQ:RVNC) delivered a -23.94% return in the past 3 months.

In January 2022, we also shared another hedge fund’s views on Revance Therapeutics, Inc. (NASDAQ:RVNC) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.