Adage Capital Management LP recently announced the acquisition of new stake in Provention Bio Inc. (NASDAQ:PRVB). The institutional investor has increased its shareholding in the Healthcare company by 114.30% to 5.4 million shares with purchase of 2.88 million shares. This fresh investment now brings its stake to 6.19% valued currently at $44.81 million. In addition, BlackRock Fund Advisors raised its holdings by 0.82 million to 4.82 million shares. And The Vanguard Group, Inc. has lifted its position by 14.28% or 0.5 million shares – to 3.97 million shares.
With over 12.65 million Provention Bio Inc. (PRVB) shares trading Tuesday and a closing price of $23.97 on the day, the dollar volume was approximately $303.19 million. The shares have shown a positive half year performance of 349.72% and its price on 03/14/23 lost nearly -0.54%. Currently, there are 83.12M common shares owned by the public and among those 81.80M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $16.00. The average price target is -23.37% below its recent price level and a downside to the estimated low will see the stock lose -49.81% over that period. But an upside of 4.12% will see the stock hit the forecast high price target while median target price for the stock is $25.00.
Insiders at the company have transacted a total of 13 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 247,797 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 3,247,797 shares.
The top 3 mutual fund holders in Provention Bio Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 2.55 million shares of the company’s stock, all valued at over $21.2 million. iShares Russell 2000 ETF sold 4356.0 shares to see its total holdings shrink to 1.38 million shares valued at over $11.42 million and representing 1.58% of the shares outstanding. Vanguard Extended Market Index Fu sold 224.0 shares to bring its total holdings to over 1.05 million shares at a value of $8.74 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.21% of the shares outstanding.
Shares of Provention Bio Inc. (NASDAQ: PRVB) opened at $24.02, down -$0.08 from a prior closing price of $24.10. However, the script later moved the day high at 24.07, down -0.54%. The company’s stock has a 5-day price change of 219.60% and 171.77% over the past three months. PRVB shares are trading 126.77% year to date (YTD), with the 12-month market performance up to 268.77% higher. It has a 12-month low price of $3.18 and touched a high of $24.23 over the same period. PRVB has an average intraday trading volume of 1.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 158.57%, 158.65%, and 257.16% respectively.
Institutional ownership of Provention Bio Inc. (NASDAQ: PRVB) shares accounts for 48.80% of the company’s 83.12M shares outstanding. Mutual fund holders own 28.83%, while other institutional holders and individual stakeholders account for 35.78% and 14.36% respectively.
It has a market capitalization of $2.26B and a beta (3y monthly) value of 2.19. The earnings-per-share (ttm) stands at -$1.56. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.01% over the week and 5.73% over the month.
Analysts forecast that Provention Bio Inc. (PRVB) will achieve an EPS of -$0.48 for the current quarter, -$0.56 for the next quarter and -$1.72 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.23 while analysts give the company a high EPS estimate of -$0.11. Comparatively, EPS for the current quarter was -$0.41 a year ago. Earnings per share for the fiscal year are expected to increase by 3.50%, and -11.50% over the next financial year.
Looking at the support for the PRVB, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on September 20, 2022, with the firm’s price target at $10. SVB Leerink was of a view on April 09, 2021 that the stock is Outperform, while RBC Capital Mkts gave the stock Sector Perform rating on April 09, 2021, issuing a price target of $27- $25. H.C. Wainwright on their part issued Buy rating on June 16, 2020.
