Zacks Investment Research Downgrades Provention Bio (NASDAQ:PRVB) to Hold

Zacks Investment Research lowered shares of Provention Bio (NASDAQ:PRVB) from a buy rating to a hold rating in a report released on Tuesday morning, 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. “

Several other research analysts have also recently issued reports on the company. UBS Group raised Provention Bio from a neutral rating to an outperform rating in a research report on Tuesday, November 23rd. SVB Leerink reaffirmed a buy rating and set a $16.00 target price on shares of Provention Bio in a research report on Monday, September 20th. HC Wainwright reiterated a buy rating and set a $25.00 price target on shares of Provention Bio in a report on Tuesday, September 14th. Finally, Sumitomo Mitsui Financial Group upgraded Provention Bio from a neutral rating to an outperform rating in a report on Tuesday, November 23rd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $16.18.

Shares of Provention Bio stock opened at $4.75 on Tuesday. Provention Bio has a 52 week low of $4.52 and a 52 week high of $15.98. The stock has a 50 day moving average price of $6.17 and a two-hundred day moving average price of $6.36. The stock has a market capitalization of $301.03 million, a PE ratio of -2.39 and a beta of 2.73.

Provention Bio (NASDAQ:PRVB) last announced its earnings results on Thursday, November 4th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.08. The company had revenue of $0.68 million for the quarter, compared to analysts’ expectations of $3.75 million. During the same period in the previous year, the firm earned ($0.56) EPS. As a group, analysts expect that Provention Bio will post -1.87 earnings per share for the current fiscal year.

In other news, insider Francisco Leon bought 5,550 shares of the stock in a transaction on Wednesday, November 24th. The shares were purchased at an average cost of $7.24 per share, for a total transaction of $40,182.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eleanor Ramos bought 5,201 shares of the stock in a transaction on Friday, December 3rd. The stock was purchased at an average price of $6.49 per share, for a total transaction of $33,754.49. The disclosure for this purchase can be found here. Insiders have purchased 14,501 shares of company stock worth $98,911 over the last quarter. 13.29% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of PRVB. Advisor Group Holdings Inc. raised its stake in shares of Provention Bio by 30.2% during the 2nd quarter. Advisor Group Holdings Inc. now owns 66,917 shares of the company’s stock valued at $564,000 after purchasing an additional 15,535 shares during the period. Rhumbline Advisers raised its stake in shares of Provention Bio by 39.0% during the 2nd quarter. Rhumbline Advisers now owns 76,077 shares of the company’s stock valued at $641,000 after purchasing an additional 21,338 shares during the period. Nisa Investment Advisors LLC bought a new stake in shares of Provention Bio during the 2nd quarter valued at $43,000. HighTower Advisors LLC raised its stake in shares of Provention Bio by 39.4% during the 2nd quarter. HighTower Advisors LLC now owns 22,716 shares of the company’s stock valued at $191,000 after purchasing an additional 6,416 shares during the period. Finally, Rafferty Asset Management LLC bought a new stake in shares of Provention Bio during the 2nd quarter valued at $108,000. Hedge funds and other institutional investors own 35.19% of the company’s stock.

About Provention Bio

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.

Further Reading: Example of operating income, EBIT and EBITDA

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