In a recent transaction, Dwight Moxie, the Chief Legal Officer (CLO) & General Counsel (GC) of Revance Therapeutics, Inc. (NASDAQ:RVNC), sold a total of 8,125 shares of the company's common stock. The sale, which took place on March 18, 2024, was valued at $40,971, with the shares being sold at an average price of $5.0426.
The transaction was part of a "sell to cover" agreement associated with the vesting of performance-based restricted stock units (PSUs). These PSUs were granted on January 31, 2023, and their vesting is contingent upon the company achieving certain revenue goals over a three-year period. The sale was required to satisfy the tax withholding obligations arising from the vesting of these PSUs and was not a discretionary trade by Moxie.
Additionally, on March 15, 2024, Dwight Moxie also engaged in a transaction involving the withholding of shares to satisfy tax obligations related to the vesting of a restricted stock award (RSA). The RSA, which vested in three equal annual installments starting from March 15, 2021, resulted in 3,269 shares being withheld by the company at a price of $5.305 each, amounting to a total of $17,342.
Following these transactions, Dwight Moxie's ownership in Revance Therapeutics stands at 137,815 shares of common stock. Investors and the market typically monitor such transactions by insiders as they can provide insights into an insider's view of the company's value and prospects.
Revance Therapeutics, headquartered in Nashville, Tennessee, is a biotechnology company specializing in pharmaceutical preparations, with a focus on developing botulinum toxin products for aesthetic and therapeutic applications.
InvestingPro Insights
Revance Therapeutics (NASDAQ:RVNC) has been navigating a challenging market landscape, as reflected in recent insider transactions and the company's stock performance. The InvestingPro data underscores the financial hurdles the company faces, with a negative P/E Ratio of -1.29 and an adjusted P/E Ratio for the last twelve months as of Q4 2023 standing at -2.11, indicating that the company is not currently generating profits. Moreover, Revance Therapeutics' stock price has experienced a significant downturn, trading near its 52-week low and marking a 1 Year Price Total Return of -84.66% as of the latest available data.
Despite these headwinds, Revance Therapeutics has shown robust revenue growth, with a 76.55% increase over the last twelve months as of Q4 2023. However, this growth has not yet translated into profitability, as the company's Operating Income Margin for the same period was -95.54%, revealing high operational costs relative to revenue.
InvestingPro Tips suggest caution due to the company's rapid cash burn and lack of anticipated profitability this year. Additionally, the stock's price has fallen significantly over the past year and three months, which could be a concern for potential investors. However, it's worth noting that the company's liquid assets exceed short-term obligations, providing some financial flexibility in the near term.
Investors interested in a deeper analysis of Revance Therapeutics can find additional insights on InvestingPro, including 9 more InvestingPro Tips to help make informed decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for even more expert tips and data-driven analysis.
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