Jefferies Cuts Price Target on Protalix BioTherapeutics (PLX) After Meeting with Management

September 6, 2016 9:04 AM EDT
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Price: $0.43 --0%

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    5 Buy, 8 Hold, 0 Sell

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Jefferies maintained a Buy rating on Protalix BioTherapeutics (NYSE: PLX), and cut the price target to $0.80 (from $1.75), after meeting with management. PLX was willing to discuss the CB funding overhang. $55m cash at 30 June 2016 should be sufficient to fund operations into 2018E but Jefferies believes it would be preferable to remove the overhang within the next 6-12 months.

Analyst Peter Welford commented, "We recently met management in Israel and were encouraged by the clear willingness to address the CB funding overhang within 6-12 months. We also gained greater clarity on the regulatory dialogue for PRX-102 in Fabry. Higher R&D spend for '102 Phase III plus potential future dilution cut our PT markedly to $0.8/share, with removal of the funding overhang likely crucial to realise the $1.3/share NPV of '102 plus option values for OPRX-106 in UC and PRX-110 in CF."

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 $0.60 yesterday.

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