Protalix BioTherapeutics (PLX) Smacked On UBS Intra-Day Downgrade

February 8, 2011 3:57 PM EST
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Price: $0.50 -1.96%

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An intra-day downgrade pushed shares of Protalix BioTherapeutics, Inc. (NYSE: PLX) down over 5%, although the stocks is now recovering into the close - currently down 3%.

UBS downgraded shares from Buy to Neutral and cut their price target from $11 to $10. Analyst Christopher Schaefer said, "we believe upside from current levels is limited based on fundamentals." The current price reflects the approval, he stated.

Although UBS still expects FDA approval by the Feb 25th PDUFA date, the firm has re-examined their Gaucher disease market assumptions. UBS now forecast 2015E taliglucerase alfa revenues of $52.3m in the US, $208.6m ROW (excluding Israel) and $45.7m in Israel.

In addition to U.S. approval, UBS expects Israeli approval shortly after and EU and Brazilian approval in 3Q11.

UBS mentioned a draft version of the taliglucerase label was posted on the Brazilian Ministry of Health website, which contains a black box warning and it further characterized the hypersensitivity reactions observed in the pivotal trial as anaphylactoid reactions. "According to PLX, this was an old version used for the expanded access program and its current regulatory submissions contain a different version that is very similar to Cerezyme's. If a black box is included in the final label, we see downside risk to the shares," Schaefer notes.

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