PRVB - Why Provention Bio Stock Crashed Today
Shares of Provention Bio (NASDAQ: PRVB) crashed 28.8% as of the market close on Friday. The huge decline came after a U.S. Food and Drug Administration (FDA) advisory committee voted 10-7 in favor of recommending approval of teplizumab in delaying type 1 diabetes.
Investors were clearly expecting a more lopsided vote for teplizumab after the FDA's briefing documents seemed quite positive about Provention's clinical data. Those documents stated that the company's TN-10 clinical study "successfully demonstrated the treatment effect of teplizumab in delaying T1D diagnosis."
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Why Provention Bio Stock Crashed Today