Provention Bio Inc (NASDAQ:PRVB) shares were down 9.5% during mid-day trading on Thursday . The company traded as low as $7.27 and last traded at $7.50, approximately 505,000 shares traded hands during mid-day trading. An increase of 18% from the average daily volume of 429,524 shares. The stock had previously closed at $8.29.
A number of equities analysts have issued reports on PRVB shares. ValuEngine lowered Provention Bio from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research raised Provention Bio from a “hold” rating to a “buy” rating and set a $7.75 target price on the stock in a research report on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Provention Bio in a research report on Monday, October 28th. Leerink Swann upped their target price on Provention Bio from $17.00 to $35.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $18.50 target price on shares of Provention Bio in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $17.45.
The firm has a market capitalization of $393.02 million, a price-to-earnings ratio of -6.30 and a beta of 5.68. The company has a 50-day moving average of $7.01 and a 200-day moving average of $8.23.
In other news, CEO Ashleigh Palmer purchased 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were acquired at an average cost of $8.38 per share, with a total value of $25,140.00. Also, Director Anthony Digiandomenico purchased 30,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $6.83 per share, for a total transaction of $204,900.00. Over the last three months, insiders have purchased 39,450 shares of company stock worth $283,112. Corporate insiders own 19.60% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Lido Advisors LLC raised its position in shares of Provention Bio by 10.3% during the 2nd quarter. Lido Advisors LLC now owns 29,550 shares of the company’s stock valued at $357,000 after acquiring an additional 2,750 shares in the last quarter. US Bancorp DE acquired a new stake in shares of Provention Bio during the 2nd quarter valued at approximately $36,000. Acadian Asset Management LLC acquired a new stake in shares of Provention Bio during the 2nd quarter valued at approximately $72,000. Morgan Stanley raised its position in shares of Provention Bio by 15,450.0% during the 2nd quarter. Morgan Stanley now owns 7,775 shares of the company’s stock valued at $94,000 after acquiring an additional 7,725 shares in the last quarter. Finally, Sigma Planning Corp raised its position in shares of Provention Bio by 18.9% during the 3rd quarter. Sigma Planning Corp now owns 68,900 shares of the company’s stock valued at $470,000 after acquiring an additional 10,950 shares in the last quarter. 7.79% of the stock is currently owned by institutional investors and hedge funds.
About Provention Bio (NASDAQ:PRVB)
Provention Bio, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics and cutting-edge 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, oral CSF-1R inhibitor, which is in Phase 2a clinical trial for the treatment of Crohn's disease; PRV-300, anti-TLR3 mAb, which is in Phase 1b clinical trial for the treatment of ulcerative colitis; PRV-3279 for the treatment of lupus; and PRV-101, a multivalent coxsackie virus vaccine for the prevention of acute Coxsackie Virus B Vaccine and the prevention of the onset of T1D.
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