SAGE - Provention Bio downgraded on FDA feedback Citi sizes up Zuranolone success on Sage and more in today's analyst action

The FDA feedback on an upcoming regulatory review and differing opinions on commercialization prospects of key therapies are some of the reasons for analysts to change their outlook on stocks today. Provention Bio sinks further as RBC downgrades it on FDA feedbackProvention Bio (PRVB) has extended the post-market losses today with a ~33.9% drop in before hours in reaction to its post-close announcement of FDA feedback regarding the marketing application for Teplizumab for Type 1 Diabetes Mellitus.RBC Capital Markets has downgraded the stock to sector perform from outperform today. The price target slashed by as much as ~60.0% to $10.00 per share indicates only ~2.7% upside to the last close.The firm cites the need for more clarity over the regulatory path of the therapy noting a possible delay for the FDA decision and the launch. Under priority review, Teplizumab has July 02 2021 as the FDA action date following an AdCom meeting scheduled for May

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Provention Bio downgraded on FDA feedback, Citi sizes up Zuranolone success on Sage, and more in today’s analyst action