Jefferies Cuts Price Target on Protalix BioTherapeutics (PLX) After Meeting with Management
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial 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 Raises Price Target on Western Digital (WDC) to $75; Reiterates Buy
- Jefferies Remains Bullish Following Owens Corning's (OC) 3Q
- F5 Networks (FFIV) PT Raised to $120 at Jefferies
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!