Should You Invest in Provention Bio (PRVB)?

Tourlite Capital Management, an investment management company, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Tourlite Fund Founder Class returned 3.4% compared to a 7.6% return for the S&P 500 Index. Since its inception in April 2022, the fund returned 5.0% compared to a -14.2% decline for the S&P 500 Index. The fundamental long/short portfolio of the fund performed well in 2022. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Tourlite Capital Management highlighted stocks like Provention Bio, Inc. (NASDAQ:PRVB) in the Q4 2022 investor letter. Headquartered in Red Bank, New Jersey, Provention Bio, Inc. (NASDAQ:PRVB) is a biopharmaceutical company. On January 23, 2023, Provention Bio, Inc. (NASDAQ:PRVB) stock closed at $8.92 per share. One-month return of Provention Bio, Inc. (NASDAQ:PRVB) was -8.89%, and its shares gained 131.69% of their value over the last 52 weeks. Provention Bio, Inc. (NASDAQ:PRVB) has a market capitalization of $777.741 million.

Tourlite Capital Management made the following comment about Provention Bio, Inc. (NASDAQ:PRVB) in its Q4 2022 investor letter:

“We accumulated a small position in Provention Bio, Inc. (NASDAQ:PRVB) as a result of its upcoming FDA approval notification. We believed the share price was not factoring information available in the market. We published our findings in a note on our website, tourlitecapital.com, and Twitter.

As we expected, on November 17th , Provention announced the approval for its Teplizumab drug. We maintain a position in Provention and believe the Company is a likely acquisition target.”

Provention Bio, Inc. (NASDAQ:PRVB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Provention Bio, Inc. (NASDAQ:PRVB) at the end of the third quarter which was 12 in the previous quarter.

We discussed Provention Bio, Inc. (NASDAQ:PRVB) in another article and shared 12 best 52-week high stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.