Jefferies Cuts Price Target on Protalix BioTherapeutics (PLX) After Meeting with Management
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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."
Shares of Protalix BioTherapeutics closed at $0.60 yesterday.
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