Provention Bio (NASDAQ:PRVB) Shares Down 14.2%

Shares of Provention Bio Inc (NASDAQ:PRVB) dropped 14.2% on Thursday . The company traded as low as $8.15 and last traded at $8.29, approximately 2,896,271 shares traded hands during mid-day trading. An increase of 591% from the average daily volume of 419,190 shares. The stock had previously closed at $9.66.

PRVB has been the topic of a number of recent analyst reports. Leerink Swann increased their target price on Provention Bio from $17.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Chardan Capital initiated coverage on Provention Bio in a research note on Monday, June 10th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $20.00 target price (up previously from $8.00) on shares of Provention Bio in a research note on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Provention Bio presently has a consensus rating of “Buy” and an average target price of $16.75.

The firm has a 50 day moving average price of $9.66 and a 200 day moving average price of $7.00.

Provention Bio (NASDAQ:PRVB) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, analysts forecast that Provention Bio Inc will post -1.22 earnings per share for the current fiscal year.

In other news, Director Anthony Digiandomenico purchased 10,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were purchased at an average price of $9.09 per share, for a total transaction of $90,900.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ashleigh Palmer purchased 10,600 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were purchased at an average price of $9.15 per share, for a total transaction of $96,990.00. The disclosure for this purchase can be found here. Company insiders own 19.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. US Bancorp DE bought a new stake in Provention Bio during the second quarter valued at about $36,000. Acadian Asset Management LLC bought a new stake in Provention Bio during the second quarter valued at about $72,000. Morgan Stanley boosted its position in Provention Bio by 15,450.0% during the second quarter. Morgan Stanley now owns 7,775 shares of the company’s stock valued at $94,000 after purchasing an additional 7,725 shares in the last quarter. Wells Fargo & Company MN bought a new stake in Provention Bio during the second quarter valued at about $194,000. Finally, Bronfman E.L. Rothschild L.P. bought a new stake in Provention Bio during the second quarter valued at about $303,000. Hedge funds and other institutional investors own 5.61% of the company’s stock.

Provention Bio Company Profile (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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