Oppenheimer analyst Justin Kim assigned a Buy rating to Provention Bio (PRVB) yesterday and set a price target of $29.00. The company’s shares closed last Thursday at $13.36.
According to TipRanks.com, Kim is a 4-star analyst with an average return of 27.4% and a 65.6% success rate. Kim covers the Healthcare sector, focusing on stocks such as Aurinia Pharmaceuticals, Apellis Pharmaceuticals, and Aldeyra Therapeutics.
Currently, the analyst consensus on Provention Bio is a Strong Buy with an average price target of $30.00, a 120.4% upside from current levels. In a report issued on November 2, Chardan Capital also reiterated a Buy rating on the stock with a $35.00 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.
