Provention Bio Inc (NASDAQ:PRVB) Sees Significant Increase in Short Interest

Provention Bio Inc (NASDAQ:PRVB) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 2,050,400 shares, a growth of 42.0% from the July 31st total of 1,444,400 shares. Approximately 7.9% of the shares of the company are sold short. Based on an average trading volume of 988,400 shares, the days-to-cover ratio is presently 2.1 days.

Shares of PRVB traded up $0.02 during trading hours on Friday, hitting $10.13. The company had a trading volume of 264,100 shares, compared to its average volume of 409,211. The firm has a market cap of $370.95 million, a price-to-earnings ratio of -8.51 and a beta of 5.96. The business has a fifty day moving average of $9.88 and a 200-day moving average of $6.73. Provention Bio has a 12 month low of $1.52 and a 12 month high of $22.82.

Provention Bio (NASDAQ:PRVB) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.02). On average, sell-side analysts forecast that Provention Bio will post -1.2 earnings per share for the current fiscal year.

PRVB has been the topic of several analyst reports. Leerink Swann upped their price target on shares of Provention Bio from $17.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Zacks Investment Research lowered shares of Provention Bio from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Chardan Capital initiated coverage on shares of Provention Bio in a research report on Monday, June 10th. They set a “buy” rating and a $20.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $20.00 price objective (up from $8.00) on shares of Provention Bio in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Provention Bio has a consensus rating of “Buy” and a consensus target price of $16.75.

In other news, insider Ashleigh Palmer purchased 4,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were purchased at an average cost of $10.83 per share, with a total value of $43,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anthony Digiandomenico purchased 25,000 shares of the company’s stock in a transaction on Monday, June 17th. The shares were purchased at an average cost of $12.16 per share, for a total transaction of $304,000.00. The disclosure for this purchase can be found here. Insiders have acquired 59,600 shares of company stock worth $644,810 over the last ninety days. Insiders own 19.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PRVB. Vanguard Group Inc. raised its position in shares of Provention Bio by 80.6% in the second quarter. Vanguard Group Inc. now owns 879,001 shares of the company’s stock valued at $10,636,000 after purchasing an additional 392,383 shares during the period. BlackRock Inc. grew its stake in shares of Provention Bio by 1,221.9% in the second quarter. BlackRock Inc. now owns 325,691 shares of the company’s stock valued at $3,941,000 after acquiring an additional 301,052 shares in the last quarter. Anson Funds Management LP acquired a new position in shares of Provention Bio in the second quarter valued at about $1,928,000. Eversept Partners LP acquired a new position in shares of Provention Bio in the second quarter valued at about $891,000. Finally, Sigma Planning Corp acquired a new position in shares of Provention Bio in the second quarter valued at about $701,000. 5.61% of the stock is currently owned by institutional investors.

Provention Bio Company Profile

Provention Bio, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics and cutting-edge solutions to intercept and prevent immune-mediated diseases. Its products candidates include PRV-031 teplizumab and monoclonal antibodies (mAb) that is in Phase III clinical trial for the interception of type one diabetes (T1D); PRV-6527, oral CSF-1R inhibitor, which is in Phase 2a clinical trial for the treatment of Crohn's disease; PRV-300, anti-TLR3 mAb, which is in Phase 1b clinical trial for the treatment of ulcerative colitis; PRV-3279 for the treatment of lupus; and PRV-101, a multivalent coxsackie virus vaccine for the prevention of acute Coxsackie Virus B Vaccine and the prevention of the onset of T1D.

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