PRVB - Provention Bio price target lowered at Cantor assuming a delay for teplizumab launch

Provention Bio (PRVB) shares sank in reaction to deficiencies identified by the FDA in connection with its marketing application for teplizumab in the delay or prevention of clinical type 1 diabetes.Following the company’s Q1 2021 results, Cantor Fitzgerald analyst Alethia Young has trimmed its price target mainly due to delayed launch for teplizumab and increased expenses.The overweight rating remains unchanged, and the target cut to $19.00 from $25.00 per share implies a premium of ~166.1% to the last close.Despite the uncertainty highlighted by the FDA over pharmacokinetic profile in the PK/PD bridging study “we think there is still a very strong case for teplizumab approval,” the analyst wrote.However, Young expects a delayed commercial launch of the therapy arguing that the approval could extend beyond the PDUFA date on July 02.On Thursday, Provention Bio Q1 2021 earnings came worse than expected

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Provention Bio price target lowered at Cantor assuming a delay for teplizumab launch