PRVB - Why Shares of Provention Bio Went Up 30.3% in November
Shares of Provention Bio (NASDAQ: PRVB) rose 30.3% in November, according to data from S&P Global Intelligence . The pharmaceutical company closed out October at $6.94 and opened November at $7. It rose to a 52-week high of $9.85 on Nov. 25 and closed out the month at $9.04. Its stock is up more than 67% this year.
The move up can be directly tied to the approval of Provention therapy Tzield (teplizumab-mzwv) by the Food and Drug Administration (FDA) on Nov. 17. The injectable therapy is the first FDA-approved drug to delay the onset of stage 3 type 1 diabetes (T1D) in patients 8 and older with stage 2 T1D. The disease happens when the body's immune system destroys the cells that make insulin, giving type 1 diabetes patients increased glucose levels that mean wearing an insulin pump or having regular insulin shots.
The drug was approved after a phase 2 trial showed it delayed the average onset of stage 3 T1D by roughly two years, compared to a placebo.
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Why Shares of Provention Bio Went Up 30.3% in November