Provention Bio (NASDAQ:PRVB) Raised to Buy at Zacks Investment Research

Provention Bio (NASDAQ:PRVB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $8.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 8.25% from the stock’s current price.

According to Zacks, “Provention Bio, Inc. is a biopharmaceutical company. It focuses on development of novel therapeutics and solutions to intercept and prevent immune-mediated disease. The company’s product pipeline consists of PRV-031, PRV-6527, PRV-300, PRV-3279 and PRV-101 which are in clinical stage. Provention Bio, Inc. is based in NJ, United States. “

Several other brokerages also recently commented on PRVB. Oppenheimer cut their target price on Provention Bio from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, August 6th. Sumitomo Mitsui Financial Group upgraded Provention Bio from a “neutral” rating to an “outperform” rating in a research note on Tuesday. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Provention Bio in a research note on Tuesday, September 14th. UBS Group upgraded Provention Bio from a “neutral” rating to an “outperform” rating in a research note on Tuesday. Finally, SVB Leerink restated a “buy” rating and issued a $16.00 price target on shares of Provention Bio in a research note on Monday, September 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $16.36.

Shares of NASDAQ:PRVB opened at $7.39 on Wednesday. Provention Bio has a 52-week low of $5.59 and a 52-week high of $20.05. The firm has a market capitalization of $468.34 million, a P/E ratio of -3.71 and a beta of 2.84. The stock has a 50 day moving average price of $6.47 and a 200-day moving average price of $6.87.

Provention Bio (NASDAQ:PRVB) last posted its quarterly earnings data on Thursday, November 4th. The company reported ($0.43) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.08. The company had revenue of $0.68 million for the quarter, compared to the consensus estimate of $3.75 million. During the same period last year, the business earned ($0.56) EPS. On average, analysts forecast that Provention Bio will post -1.87 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Advisor Group Holdings Inc. raised its holdings in Provention Bio by 3.0% in the 3rd quarter. Advisor Group Holdings Inc. now owns 68,926 shares of the company’s stock worth $441,000 after purchasing an additional 2,009 shares during the period. Royal Bank of Canada raised its holdings in Provention Bio by 44.9% in the 2nd quarter. Royal Bank of Canada now owns 6,534 shares of the company’s stock worth $55,000 after purchasing an additional 2,026 shares during the period. Invesco Ltd. raised its holdings in Provention Bio by 10.4% in the 3rd quarter. Invesco Ltd. now owns 24,658 shares of the company’s stock worth $157,000 after purchasing an additional 2,313 shares during the period. Raymond James & Associates raised its holdings in Provention Bio by 14.6% in the 3rd quarter. Raymond James & Associates now owns 19,975 shares of the company’s stock worth $128,000 after purchasing an additional 2,550 shares during the period. Finally, ProShare Advisors LLC raised its holdings in Provention Bio by 12.3% in the 2nd quarter. ProShare Advisors LLC now owns 25,775 shares of the company’s stock worth $217,000 after purchasing an additional 2,833 shares during the period. 42.86% of the stock is currently owned by institutional investors.

Provention Bio Company Profile

Provention Bio, Inc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of novel therapeutics and solutions. Its products include PRV-031 for the interception of type 1 diabetes (T1D); PRV-015 for the treatment of gluten-free diet non-responding celiac disease; PRV-6527 for Crohn’s disease; PRV-3279 for the treatment of lupus; and PRV-101 for the prevention of acute coxsackie virus B (CVB), and the prevention of type 1 diabetes (T1D) onset.

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