Why Provention Bio Stock Skyrocketed Today

Shares of Provention Bio (NASDAQ: PRVB) were skyrocketing 30.8% higher as of 3:41 p.m. ET on Monday. The big jump continued the momentum that began on Friday after the drugmaker announced that it intends to refile for approval of teplizumab for delaying type 1 diabetes.

Some investors had given up on Provention after the U.S. Food and Drug Administration (FDA) rejected approval of teplizumab in July of last year. However, the company had a productive meeting with the FDA recently. As a result, Provention plans to resubmit its Biologic License Application (BLA) for the experimental therapy within the next couple of months.

Image source: Getty Images.

Source Fool.com