Canaccord Adams Maintains a 'Buy' on Protalix BioTherapeutics (PLX); Cerezyme Supply on Track, See More Uplyso EAP Uptake
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Canaccord Adams maintains a 'Buy' on Protalix BioTherapeutics (NYSE Amex: PLX), price target $13.
Canaccord analyst says, "Genzyme (Nasdaq: GENZ) to start shipping new Cerezyme supply over the next month. Genzyme said on a patient conference call that it is on track to begin shipping new batches of Cerezyme (the main competitor to PLX’s lead drug, Phase 3 Uplyso) shortly. Cerezyme is now the sole approved Gaucher’s enzyme drug ($1.2B 2008 sales) but is experiencing severe
manufacturing-related shortages...We still anticipate continued enrollment in Uplyso expanded access program. Due in part to the Cerezyme shortage, PLX had initiated an Uplyso expanded access program (EAP)."
"We think PLX will continue to enroll patients in the EAP due to continued Cerezyme supply constraints (e.g., patients forced to reduce Cerezyme dose may not be allowed to normalize their doses yet) as well as reimbursement issues (e.g., drug reimbursement caps). We think the EAP may seed the market for Uplyso approval, which we estimate in mid-2010. We think Phase 3 data will drive a rich Uplyso partnership soon. We believe that the high quality of Uplyso Phase 3 data has attracted the attention of many large pharma potential marketing partners. We believe many of these possible partners have the potential to drive Uplyso market share even beyond our current estimate of about 15%."
To see all the upgrades/downgrades on shares of PLX, visit our Analyst Ratings page.
Protalix BioTherapeutics, Inc., a biopharmaceutical company, engages in the development and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx protein expression system in the United States.
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Comments
PLX target price
With their estimate of a minimum of 15% market share the target price should be at least about 26 $ and not 13!
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The 20K foot view of PLX
M. Smernov on Nov 28, 2009 05:59 AMUplyso will be the first bio-generic, but the real value is in the validation of the concept that PLX will be able to copy a lot of existing patented bio drugs using their pro-cell technology and not violate patent laws. This could be THE game changer in bio-drugs. I am long PLX, and price targets are meaningless. All I can say is that if Uplyso gets final approval, the stock will move so fast is will make your head swim.