After Leerink Partners and Oppenheimer gave Provention Bio (NASDAQ: PRVB) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Ram Selvaraju reiterated a Buy rating on Provention Bio today and set a price target of $27.00. The company’s shares closed last Friday at $7.61, close to its 52-week low of $6.15.
According to TipRanks.com, Selvaraju is a 4-star analyst with an average return of 6.5% and a 47.0% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Protalix Biotherapeutics, EyePoint Pharmaceuticals, and Bausch Health Companies.
Provention Bio has an analyst consensus of Strong Buy, with a price target consensus of $18.58, implying a 104.2% upside from current levels. In a report issued on May 25, Leerink Partners also assigned a Buy rating to the stock with a $16.00 price target.
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Based on Provention Bio’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $32.44 million. In comparison, last year the company had a GAAP net loss of $12.58 million.
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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.
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