Royal Bank of Canada Reiterates Sector Perform Rating for Provention Bio (NASDAQ:PRVB)


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Provention Bio (NASDAQ:PRVB)‘s stock had its “sector perform” rating reaffirmed by investment analysts at Royal Bank of Canada in a report issued on Thursday, Benzinga reports. They presently have a $10.00 price objective on the stock, down from their previous price objective of $25.00. Royal Bank of Canada’s price target points to a potential upside of 23.30% from the company’s current price.

Several other equities research analysts also recently issued reports on PRVB. SVB Leerink dropped their price target on shares of Provention Bio from $26.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, April 9th. HC Wainwright dropped their price target on shares of Provention Bio from $34.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, April 12th. Zacks Investment Research raised shares of Provention Bio from a “sell” rating to a “hold” rating in a research report on Friday, April 9th. Chardan Capital dropped their target price on shares of Provention Bio from $35.00 to $22.50 and set a “buy” rating for the company in a research report on Monday, April 12th. Finally, Oppenheimer reissued a “buy” rating and issued a $18.00 target price on shares of Provention Bio in a research report on Friday, April 9th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $19.21.

Shares of PRVB stock opened at $8.11 on Thursday. The company’s fifty day simple moving average is $11.36 and its 200-day simple moving average is $14.20. Provention Bio has a 52 week low of $6.36 and a 52 week high of $20.05. The company has a market cap of $513.97 million, a PE ratio of -5.44 and a beta of 3.34.

Provention Bio (NASDAQ:PRVB) last released its quarterly earnings results on Wednesday, February 24th. The company reported ($0.58) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.08). As a group, equities analysts forecast that Provention Bio will post -1.77 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in Provention Bio by 24.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,744 shares of the company’s stock valued at $226,000 after purchasing an additional 3,486 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Provention Bio by 207.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 314,540 shares of the company’s stock valued at $4,036,000 after purchasing an additional 212,320 shares during the period. Morgan Stanley boosted its stake in Provention Bio by 83.7% during the 3rd quarter. Morgan Stanley now owns 60,943 shares of the company’s stock valued at $782,000 after purchasing an additional 27,774 shares during the period. AQR Capital Management LLC acquired a new position in Provention Bio during the 3rd quarter valued at about $300,000. Finally, California State Teachers Retirement System boosted its stake in Provention Bio by 12.7% during the 3rd quarter. California State Teachers Retirement System now owns 72,036 shares of the company’s stock valued at $924,000 after purchasing an additional 8,140 shares during the period. 39.42% of the stock is owned by institutional investors and hedge funds.

Provention Bio Company Profile

Provention Bio, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapeutics and solutions to intercept and prevent immune-mediated diseases. Its products candidates include PRV-031 teplizumab and monoclonal antibodies (mAb) that is in Phase III clinical trial for the interception of type one diabetes (T1D); PRV-6527, an oral CSF-1R inhibitor, which has completed Phase IIa clinical trial for the treatment of Crohn's disease; PRV-3279, which has completed Phase Ib clinical trial for the treatment of lupus; PRV-101, a coxsackie virus B (CVB) vaccine for the prevention of acute CVB infections and onset of T1D; and PRV-015, which is in phase IIb clinical trial for the treatment of gluten-free diet non-responding celiac disease.

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Analyst Recommendations for Provention Bio (NASDAQ:PRVB)

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