PRVB - Provention Bio shares struggle after FDA feedback on teplizumab BLA analyst downgrades

Provention Bio (PRVB) shares are down more than 19% in afternoon trading after the FDA "identified deficiencies" in the company's BLA for teplizumab for type 1 diabetes.RBC Capital Markets downgraded shares and SVB Leerink lowered its price target.RBC analyst Gregory Renza downgraded shares to sector perform from outperform as the FDA action may signal a delay in approval. An advisory committee meeting is set for May 27 with a July 2 PDUFA date.SVB Leerink analyst Tom Smith is maintaining his outperform rating but has lowered his price target to $16 from $26 and has updated his model to reflect a one-year delay for teplizumab's approval.

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Provention Bio shares struggle after FDA feedback on teplizumab BLA, analyst downgrades