Revance Therapeutics, Inc. (NASDAQ:RVNC) CFO Schilke Tobin recently engaged in transactions involving the company’s stock, according to a new SEC filing. On March 18, Tobin sold a total of 9,361 shares of common stock at an average price of $5.0426, totaling approximately $47,203.
This sale was conducted to cover tax withholding obligations related to the vesting of performance-based restricted stock units (PSUs) granted in January 2023. These PSUs are subject to a three-year vesting period contingent on the achievement of specific revenue goals. The transaction was part of a mandated "sell to cover" agreement designed to satisfy tax obligations through the sale of shares and does not reflect a discretionary trade by Tobin.
In addition to the sale, there was another transaction on March 15 where 3,822 shares were withheld by the issuer at a price of $5.305 per share, amounting to a total of approximately $20,275. This transaction was associated with the vesting of a restricted stock award and was intended to fulfill tax withholding requirements.
After these transactions, Tobin's ownership in Revance Therapeutics stands at 192,666 shares of common stock. The company, headquartered in Nashville, Tennessee, operates within the pharmaceutical preparations industry and is incorporated in Delaware.
Investors and the market often monitor insider transactions as they can provide insights into an executive's view of the company's stock value and financial health. However, in this case, the transactions by the CFO were primarily for tax-related purposes.
InvestingPro Insights
Revance Therapeutics, Inc. (NASDAQ:RVNC) has shown significant movement in its stock price and financial metrics, which are crucial for investors following CFO Tobin's recent transactions. Here are some insights based on the latest data from InvestingPro:
InvestingPro Data:
- The company's Market Cap stands at $513.78M, reflecting its current valuation in the market.
- With a negative P/E Ratio (Adjusted) of -2.11 for the last twelve months as of Q4 2023, it indicates that the company is not currently profitable.
- Revenue Growth for the same period was at 76.55%, suggesting a considerable increase in the company's sales.
InvestingPro Tips:
- Revance Therapeutics is quickly burning through cash, which is a critical factor to consider when evaluating the company's financial sustainability.
- The stock has experienced a significant downturn, trading near its 52-week low, which may present a potential entry point for investors or could signal caution depending on one's investment strategy.
It's worth noting that while Tobin's recent transactions were for tax-related purposes, the broader financial context provided by InvestingPro Tips suggests that the company faces challenges in reaching profitability. Additionally, with the stock taking a substantial hit over various periods, investors should be aware of the potential risks and opportunities associated with Revance Therapeutics. For those looking to delve deeper into the company's financials and stock performance, more InvestingPro Tips are available, providing a comprehensive analysis to aid in investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, and access an extensive list of 9 additional tips for Revance Therapeutics.
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