Provention Bio Inc (NASDAQ:PRVB) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totalling 1,023,000 shares, an increase of 27.3% from the May 30th total of 803,900 shares. Based on an average daily volume of 829,600 shares, the short-interest ratio is presently 1.2 days. Currently, 4.2% of the shares of the stock are sold short.
A number of brokerages recently weighed in on PRVB. Zacks Investment Research lowered shares of G1 Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. HC Wainwright reissued a “buy” rating on shares of ACASTI PHARM-TS in a report on Wednesday, June 26th. Finally, Chardan Capital began coverage on shares of Provention Bio in a report on Monday, June 10th. They issued a “buy” rating and a $20.00 price target for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Provention Bio currently has a consensus rating of “Buy” and a consensus price target of $12.19.
In related news, insider Ashleigh Palmer purchased 4,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was acquired at an average price of $10.83 per share, with a total value of $43,320.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anthony Digiandomenico purchased 25,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was bought at an average cost of $12.16 per share, with a total value of $304,000.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 39,000 shares of company stock valued at $456,920. 19.60% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in PRVB. BlackRock Inc. boosted its stake in Provention Bio by 26.4% in the fourth quarter. BlackRock Inc. now owns 26,235 shares of the company’s stock valued at $46,000 after acquiring an additional 5,472 shares during the last quarter. Silverleafe Capital Partners LLC bought a new position in Provention Bio in the first quarter valued at approximately $46,000. Finally, Lido Advisors LLC bought a new position in Provention Bio in the fourth quarter valued at approximately $47,000. 1.77% of the stock is currently owned by hedge funds and other institutional investors.
PRVB stock traded up $0.73 during midday trading on Friday, reaching $12.00. The company’s stock had a trading volume of 292,700 shares, compared to its average volume of 424,832. Provention Bio has a 52 week low of $1.52 and a 52 week high of $22.82. The stock has a market capitalization of $422.17 million and a PE ratio of -10.08. The stock’s 50-day moving average price is $9.05.
Provention Bio (NASDAQ:PRVB) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.11). Equities research analysts expect that Provention Bio will post -1.19 EPS for the current year.
Provention Bio Company Profile
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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