ABBV - Here's Why Revance Therapeutics Stock Is Falling Today
Shares of Revance Therapeutics (NASDAQ: RVNC) are under pressure after management announced the pricing of a secondary offering. Investors dismayed by the pricing of the offering have hammered the biotech stock 16.4% lower as of 12:07 p.m. EST on Wednesday.
Revance shares had been climbing since the company submitted an application to the FDA for DAXI late last month. On Monday, shares of Revance peaked above $20 per share and stayed there through the end of Tuesday's session, which is why investors were surprised at the $17 per share offering price announced today.
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