Provention Bio (PRVB) Receives a Buy from Chardan Capital
Chardan Capital analyst Gbola Amusa reiterated a Buy rating on Provention Bio (PRVB) on August 14 and set a price target of $35.00. The company’s shares closed last Monday at $12.85.
According to TipRanks.com, Amusa is a 5-star analyst with an average return of 28.8% and a 48.2% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Adverum Biotechnologies, Axovant Gene Therapies, and Taysha Gene Therapies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Provention Bio with a $28.75 average price target, implying a 137.2% upside from current levels. In a report issued on August 6, Oppenheimer also maintained a Buy rating on the stock with a $29.00 price target.
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Based on Provention Bio’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $22.12 million. In comparison, last year the company had a GAAP net loss of $12 million.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRVB in relation to earlier this year.
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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.