PRVB - HC Wainwright cuts PT on Provention Bio to reflect recent financing

• H.C. Wainwright reduced its price target on Provention Bio ( NASDAQ: PRVB ) to $18 from $25 to reflect impact of dilution on account of the recently announced equity financing .
• The brokerage maintained its Buy rating on PRVB ahead of possible FDA approval of teplizumab in Nov , in-line with bullish sell-side ratings on the stock .
• "Total proceeds from the financing are slated to be ~$60M, which we believe meaningfully lengthens PRVB's operational runway - particularly if the warrants are exercised in a timely manner," analyst Raghuram Selvaraju wrote in a note.
• However, SA Quant's rating on PRVB is Hold as the stock has fared poorly in terms of valuation, growth and profitability.
• PRVB stock, which slid as much as 5.5% on Monday, has fallen 25.2% YTD .

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