Provention Bio (NASDAQ:PRVB) Downgraded by Zacks Investment Research to “Sell”

Provention Bio (NASDAQ:PRVBGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports.

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. “

A number of other brokerages have also recently issued reports on PRVB. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Provention Bio in a research report on Monday, January 31st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Provention Bio in a research report on Friday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Provention Bio has an average rating of “Buy” and a consensus price target of $16.18.

NASDAQ:PRVB opened at $5.03 on Wednesday. The stock’s 50 day moving average price is $6.68 and its 200 day moving average price is $6.20. Provention Bio has a 52 week low of $3.40 and a 52 week high of $11.49. The company has a market capitalization of $318.90 million, a P/E ratio of -2.76 and a beta of 2.60.

Provention Bio (NASDAQ:PRVBGet Rating) last announced its earnings results on Thursday, February 24th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.03. The company had revenue of $0.72 million for the quarter, compared to the consensus estimate of $0.71 million. During the same period in the previous year, the company earned ($0.58) EPS. On average, equities analysts predict that Provention Bio will post -2 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in PRVB. Sessa Capital IM L.P. raised its stake in Provention Bio by 40.5% during the fourth quarter. Sessa Capital IM L.P. now owns 5,895,525 shares of the company’s stock worth $33,133,000 after acquiring an additional 1,700,409 shares in the last quarter. Verition Fund Management LLC increased its stake in shares of Provention Bio by 5,117.4% in the third quarter. Verition Fund Management LLC now owns 715,729 shares of the company’s stock valued at $4,581,000 after buying an additional 702,011 shares in the last quarter. DG Capital Management LLC acquired a new stake in shares of Provention Bio in the third quarter valued at $3,483,000. Millennium Management LLC increased its stake in shares of Provention Bio by 39.0% in the third quarter. Millennium Management LLC now owns 783,522 shares of the company’s stock valued at $5,015,000 after buying an additional 219,834 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Provention Bio by 10.6% in the third quarter. Geode Capital Management LLC now owns 1,040,106 shares of the company’s stock valued at $6,656,000 after buying an additional 99,502 shares in the last quarter. Hedge funds and other institutional investors own 35.00% of the company’s stock.

About Provention Bio (Get Rating)

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-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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