Auriga Reiterates a 'Buy' on Protalix BioTherapeutics (PLX); Eyes on Elelyso launch in U.S.

May 10, 2012 1:40 PM EDT
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Auriga reiterates a 'Buy' on Protalix BioTherapeutics (NYSE: PLX) price target of $9.00.

Analyst, Difei Yang, said, "There were no surprises in the Q1 results. PLX remains a developmental stage company with little licensing revenue and relatively large R&D spending. With the approval of Elelyso on May 1, 2012, the company will be in transition to a commercial stage company and we expect revenue and EPS measurements are likely becoming more relevant to the share price. We expect taliglucerase approval in Israel before year end, while the timing of EU approval is less certain due to whether VPRIV approval in 2010 would block the approval of taliglucerase. Our sum of the parts analysis shows $6 of value for Elelyso and $3 for the plant cell expression system. Q1 results better than consensus...Q2 revenue and EPS would be more meaningful as Pfizer (NYSE: PFE) launches Elelyso in the US market. The validated manufacturing platform offers flexibility. Protalix may choose to compete by making a cheaper version of a me too branded biological drug or it may choose to compete in the emerging biosimilar markets."

For an analyst ratings summary and ratings history on Protalix BioTherapeutics click here. For more ratings news on Protalix BioTherapeutics click here.

Shares of Protalix BioTherapeutics closed at $6.42 yesterday.

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