PRVB stock in on fire and skyrockets as much as 300% after Provention Bio Inc (NASDAQ:PRVB) announced positive outcomes from its trial of teplizumab, its lead candidate.
PRVB stock Jumps Big
New Jersey-based Provention Bio, which is engaged in intercepting and treating diseases related to immune diseases, saw its stock soar on Thursday as the company announced positive details from the trial of teplizumab, its lead candidate. The product in question had its Phase 3 trial and is meant for the prevention of Type 1 diabetes, and if the product actually heads into the market, then it could turn Provention into a serious player in this particular segment.
The market soon caught on about the significance of the announcement, with PRVB stock surging by as much as 300% to $17.40 and volume increased significantly.
The results from the test were highly encouraging. The results showed if a patient is administered a two-week long course of teplizumab, then it delayed the development of Type 1 diabetes in the patient significantly. It has proven to be far more effective than the placebo. The onset of the condition was reduced and could be stretched to as long as two years, according to the findings of the study. There were no side effects to the patients who were administered with the medicine, and that is again a significant piece of information that was provided in the report. All of this spells good news for PRVB stock.
Dr. Eleanor Ramos, who is the Chief Operating Officer and Chief Medical Officer at Provention, stated, “This groundbreaking study demonstrates that we can use immunotherapy, specifically PRV-031 (teplizumab), to prevent or significantly delay the onset of clinical type 1 diabetes by at least two years in individuals who will almost certainly progress to clinical disease.”
Another study known as PROTECT was also launched back in April this year, which is meant to check the effect of the product on adults and children who have already been diagnosed with Type 1 Diabetes. It aims to see whether beta cells can be preserved in the individual despite the onset of the condition.
PRVB stock is one of the biggest gainers this year with a jump of a whopping 775%.
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