HC Wainwright Reaffirms Buy Rating for Protalix Biotherapeutics (NYSEAMERICAN:PLX)

Protalix Biotherapeutics (NYSEAMERICAN:PLX)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research note issued on Monday, AnalystRatings.com reports. They presently have a $3.00 price target on the stock.

The analysts wrote, “We note that this would potentially involve Priority Review— i.e., a six-month review period vs. the roughly one-year time frame for standard review applications—for the pegunigalsidase alfa BLA. Over the last several months, Protalix and Chiesi have engaged the FDA in dialog on the eligibility of pegunigalsidase alfa for accelerated approval based on readily-available data generated by Protalix from its clinical studies of pegunigalsidase alfa. As a result of this dialog and based on the content of a recent letter received from the Chiesi have initiated preparations for a BLA submission based on data from the completed Phase 1/2 clinical trials of pegunigalsidase alfa and from the ongoing Phase 3 BRIDGE clinical trial. We consider this update a very positive development for Protalix and thus reiterate our Buy rating and 12-month target price of $3.00 per share.””

Separately, Zacks Investment Research downgraded shares of Protalix Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, April 24th.

PLX stock opened at $0.41 on Monday. Protalix Biotherapeutics has a 12 month low of $0.27 and a 12 month high of $0.83.

Protalix Biotherapeutics (NYSEAMERICAN:PLX) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.02). The company had revenue of $10.44 million for the quarter, compared to the consensus estimate of $10.15 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share.

An institutional investor recently raised its position in Protalix Biotherapeutics stock. Renaissance Technologies LLC increased its stake in Protalix Biotherapeutics Inc (NYSEAMERICAN:PLX) by 8.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,017,705 shares of the company’s stock after buying an additional 314,738 shares during the period. Renaissance Technologies LLC owned 2.71% of Protalix Biotherapeutics worth $1,768,000 as of its most recent SEC filing.

Protalix Biotherapeutics Company Profile

Protalix BioTherapeutics, Inc, a biopharmaceutical company, focuses on the development and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx protein expression system in Israel and internationally. The company offers Elelyso, a plant cell expressed recombinant glucocerebrosidase enzyme for the treatment of Gaucher disease.

See Also: Google Finance Portfolio

Receive News & Ratings for Protalix Biotherapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Protalix Biotherapeutics and related companies with MarketBeat.com's FREE daily email newsletter.