Provention Bio (NASDAQ:PRVB) Downgraded by HC Wainwright to “Neutral”

HC Wainwright downgraded shares of Provention Bio (NASDAQ:PRVB – Get Rating) from a buy rating to a neutral rating in a report released on Wednesday morning, The Fly reports. The brokerage currently has $25.00 price target on the stock, up from their previous price target of $16.00.

A number of other equities analysts have also recently issued reports on PRVB. Jefferies Financial Group cut shares of Provention Bio from a buy rating to a hold rating and set a $25.00 price objective on the stock. in a research report on Tuesday, March 14th. SVB Leerink boosted their price objective on Provention Bio from $16.00 to $19.00 and gave the stock an outperform rating in a report on Monday, November 21st. Chardan Capital lowered their price objective on Provention Bio from $30.00 to $25.00 and set a buy rating for the company in a research note on Monday, March 13th. Oppenheimer lifted their target price on Provention Bio from $14.00 to $18.00 and gave the company an outperform rating in a research report on Friday, November 18th. Finally, Cantor Fitzgerald cut Provention Bio from an overweight rating to a neutral rating in a research report on Monday, March 13th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $22.83.

Provention Bio Price Performance

PRVB stock opened at $23.99 on Wednesday. The stock has a market capitalization of $2.09 billion, a PE ratio of -15.38 and a beta of 2.18. The company’s 50-day moving average is $10.42 and its 200-day moving average is $8.42. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.58 and a quick ratio of 7.58. Provention Bio has a 1 year low of $3.18 and a 1 year high of $24.23.

Insider Activity at Provention Bio

In related news, major shareholder Sessa Capital (Master), L.P. sold 3,000,000 shares of Provention Bio stock in a transaction that occurred on Wednesday, January 18th. The stock was sold at an average price of $9.40, for a total transaction of $28,200,000.00. Following the transaction, the insider now owns 11,879,023 shares of the company’s stock, valued at $111,662,816.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Sessa Capital (Master), L.P. sold 3,000,000 shares of Provention Bio stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $9.40, for a total transaction of $28,200,000.00. Following the sale, the insider now directly owns 11,879,023 shares in the company, valued at $111,662,816.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ashleigh Palmer sold 24,165 shares of Provention Bio stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $10.27, for a total value of $248,174.55. Following the sale, the chief executive officer now owns 2,570,050 shares in the company, valued at $26,394,413.50. The disclosure for this sale can be found here. Insiders have sold a total of 3,352,549 shares of company stock valued at $31,794,691 over the last 90 days. Insiders own 13.10% of the company’s stock.

Institutional Trading of Provention Bio

A number of hedge funds have recently bought and sold shares of PRVB. Swiss National Bank lifted its holdings in Provention Bio by 7.3% during the first quarter. Swiss National Bank now owns 112,400 shares of the company’s stock worth $823,000 after acquiring an additional 7,600 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Provention Bio by 22.0% in the first quarter. JPMorgan Chase & Co. now owns 34,859 shares of the company’s stock valued at $255,000 after buying an additional 6,280 shares during the period. HighTower Advisors LLC bought a new stake in shares of Provention Bio in the first quarter valued at $174,000. Private Advisor Group LLC bought a new stake in shares of Provention Bio in the first quarter valued at $129,000. Finally, MetLife Investment Management LLC raised its stake in shares of Provention Bio by 337.3% in the first quarter. MetLife Investment Management LLC now owns 32,416 shares of the company’s stock valued at $237,000 after buying an additional 25,003 shares during the period. 37.39% of the stock is currently owned by institutional investors.

About Provention Bio

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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-3279 for the treatment of lupus, and PRV-101 for the prevention of acute coxsackie virus B (CVB), and the prevention of type 1 diabetes (T1D) onset.