Chardan analyst Geulah Livshits raised the firm’s price target on Provention Bio to $30 from $24 and keeps a Buy rating on the shares after teplizumab gained FDA approval as the first treatment to delay the onset of Stage 3 type 1 diabetes in adult and pediatric patients aged eight years and older with stage 2 diabetes. There is "nothing too surprising about the label," Livshits tells investors in a research note. The analyst adjusted his model to reflect the approval, pricing, and a more conservative penetration for the present based on the higher than expected price.
Published first on TheFly
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