Here’s What Makes Revance Therapeutics (RVNC) an Attractive Investment

Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. Compared to the Russell 2000 Growth Index benchmark, which was slightly positive, the fund (institutional shares) was flat in the third quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Baron Funds discussed stocks like Revance Therapeutics, Inc. (NASDAQ:RVNC). Headquartered in Nashville, Tennessee, Revance Therapeutics, Inc. (NASDAQ:RVNC) is a biotechnology company. On October 28, 2022, Revance Therapeutics, Inc. (NASDAQ:RVNC) stock closed at $22.44 per share. One-month return of Revance Therapeutics, Inc. (NASDAQ:RVNC) was -18.89% and its shares gained 55.20% of their value over the last 52 weeks. Revance Therapeutics, Inc. (NASDAQ:RVNC) has market capitalization of $1.847 billion.

Baron Funds made the following comment about Revance Therapeutics, Inc. (NASDAQ:RVNC) in its Q3 2022 investor letter:

“Shares of Revance Therapeutics, Inc. (NASDAQ:RVNC), an aesthetics-forward biotechnology company, contributed to performance in the quarter. Following several delays, the U.S. FDA finally approved Daxxify, the company’s longer-acting competitor to Botox in September. Unlike Botox, Daxxify contains a peptide that helps the toxin localize to the injection site and adhere to neurons. While the effect of Botox tends to fade in three to four months, Daxxify’s effects last on average six months. We think the longer duration of action is a key selling point for consumers. Revance is launching Daxxify to a select group of injectors over the next six months to gain real-world experience before a broader launch in the second quarter of 2023. We think consumer and injector demand is strong, and we expect to see meaningful uptake in the second half of 2023. Ultimately, we see Daxxify and Revance’s alreadylaunched RHA fillers capturing significant share in the fast-growing $4 billion-plus facial injectables market and supporting more than twice Revance’s current valuation.”

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Revance Therapeutics, Inc. (NASDAQ:RVNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Revance Therapeutics, Inc. (NASDAQ:RVNC) at the end of the second quarter which was 12 in the previous quarter.

We discussed Revance Therapeutics, Inc. (NASDAQ:RVNC) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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