Chardan Capital analyst Taylor Feehley initiated coverage with a Buy rating on Provention Bio Inc (PRVB) today and set a price target of $20. The company’s shares closed on Friday at $4.35.
Feehley noted:
“We initiate coverage of Buy rating (PT$20) on the potential for its pipeline to treat or prevent autoimmune and inflammatory diseases. Provention is developing interventions for patients at early stages of disease to limit tissue destruction and pathology with the goal of delaying or preventing chronic inflammation. To achieve this, the company has in-licensed assets from other drug developers including Janssen (a Johnson & Johnson company, unrated) and Amgen (unrated). Many of these candidates are repurposed or revived after demonstrating target engagement and some signals of efficacy in clinical trials but missing on the 1º endpoint(s) in initial studies.”
According to TipRanks.com, Feehley is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -32.2% and a 0.0% success rate. Feehley covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Kaleido Biosciences Inc, and Evelo Biosciences Inc.
Currently, the analyst consensus on Provention Bio Inc is a Moderate Buy with an average price target of $14, representing a 221.8% upside. In a report issued on May 28, H.C. Wainwright also reiterated a Buy rating on the stock with a $8 price target.
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The company has a one-year high of $8 and a one-year low of $1.52. Currently, Provention Bio Inc has an average volume of 88.14K.
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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-300 for ulcerative colitis; PRV-3279 for the treatment of lupus; and PRV-101 for the prevention of acute coxsackie virus B (CVB), and the prevention of T1D onset. The company was founded by Francisco Leon and Ashleigh Palmer on October 4, 2016 and is headquartered in Lebanon, NJ.
