Jefferies Cuts Price Target on Protalix BioTherapeutics (PLX) After Meeting with Management
- Wall St. set to open lower, weighed down by GE
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
- General Electric (GE) Tops Q3 EPS by 2c; Updates FY16 EPS Outlook
- Pre-Open Stock Movers 10/21: (ALKS) (RAI) (PFPT) (MSFT) Higher; (SGY) (TWLO) (RRGB) Lower (more...)
- Oil rises on Russia's output freeze commitment
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
- SunTrust Raises Price Target on E*TRADE Financial (ETFC) to $31 Following Solid 3Q
- Microsoft (MSFT) PT Lifted to $68 at Nomura
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!