Goldman Sachs says this biotech working on a Botox rival drug could rally nearly 30%

Revance Therapeutics, a biotechnology company working on a Botox competitor set to soon launch in the U.S., is a solid bet, according to Goldman Sachs.

The bank on Thursday initiated coverage of the company with a buy rating and $33 price target, which implies a more than 28% jump is possible for the stock in the next 12 months. Year to date, Revance has surged more than 58%.