Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Provention Bio Inc. shares valued at $260,944 were sold by Leon Francisco on Feb 13. At $10.04 per share, Leon Francisco sold 25,985 shares. The insider’s holdings dropped to 1,573,000 shares worth approximately $37.61 million following the completion of this transaction.
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Also, Palmer Ashleigh sold 25,835 shares, netting a total of over 259,448 in proceeds. Following the sale of shares at $10.04 each, the insider now holds 2,570,050 shares.
Before that, Leon Francisco had sold 50,000 shares from its account. In a trade valued at $505,605, the Chief Scientific Officer traded Provention Bio Inc. shares for $10.11 each. Upon closing the transaction, the insider’s holdings decreased to 50,000 shares, worth approximately $37.61 million.
As published in their initiating research note from Jefferies on September 20, 2022, Provention Bio Inc. [PRVB] has been a Buy and the price target has been revised to $10. This represents a -139.1% premium over Wednesday’s closing price. Analysts at SMBC Nikko upgraded the stock from ‘”a Neutral”‘ to ‘”an Outperform”‘ outlook in a report released in late November. As of April 09, 2021, SVB Leerink has reiterated its “an Outperform” rating for PRVB. Earlier on April 09, 2021, RBC Capital Mkts downgraded its rating. Their new recommendation was “a Sector perform” for PRVB stock which previously was a “an Outperform”.
Analyzing PRVB Stock Performance
On Wednesday, Provention Bio Inc. [NASDAQ: PRVB] plunged -0.25% to $23.91. The stock’s lowest price that day was $23.75, but it reached a high of $23.985 in the same session. During the last five days, there has been a surge of approximately 232.08%. Over the course of the year, Provention Bio Inc. shares have jumped approximately 126.21%. Shares of the company reached a 52-week high of $24.23 on 03/13/23 and a 52-week low of $6.59 on 03/10/23. A 50-day SMA is recorded $9.81, while a 200-day SMA reached $6.91. Nevertheless, trading volume fell to 5.34 million shares from 36.02 million shares the previous day.
Support And Resistance Levels for Provention Bio Inc. (PRVB)
According to the 24-hour chart, there is a support level at 23.78, which, if violated, would cause prices to drop to 23.65. In the upper region, resistance lies at 24.01. The next price resistance is at 24.12. RSI (Relative Strength Index) is 86.56 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 12.71, which suggests the price will increase in the coming days. Percent R is at 1.81%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Provention Bio Inc. subject to short interest?
Stocks of Provention Bio Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.15 million shares to 7.56 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 7.41 million shares. A jump of 1.98% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.15 of the overall float, the days-to-cover ratio (short ratio) jumped to 7.15.
Which companies own the most shares of Provention Bio Inc. (PRVB)?
According to Sessa Capital IM LP filings, the company currently owns 11,879,023 shares, which is about 13.62% of the total PRVB shares outstanding. The investor’s shares have plunged by -3,000,000 from its previous 13-F filing of 14879023.0 shares. With the completion of the buy transaction, Adage Capital Management LP’s stake is now worth $44,810,248. BlackRock Fund Advisors acquire a 20.42% interest valued at $40.03 million while The Vanguard Group, Inc. purchased a 495,827 stake. A total of 263,813 shares of Provention Bio Inc. were bought by SSgA Funds Management, Inc. during the quarter, and 125,392 were bought by Geode Capital Management LLC. In its current portfolio, D. E. Shaw & Co. LP holds 1,143,300 shares valued at $9.49 million.
In terms of Provention Bio Inc. share price expectations, FactSet research, analysts set an average price target of $24.00 in the next 12 months, up nearly 4.3% from the previous closing price of $23.97. Analysts anticipate Provention Bio Inc. stock to reach $25.00 by 2023, with the lowest price target being $19.00. In spite of this, 6 analysts ranked Provention Bio Inc. stock as an Overweight at the end of 2023. On June 16, 2020, H.C. Wainwright assigned a price target of “a Buy” to the stock and reiterated coverage with a $26.