Wells Fargo Cuts Valuation Range on Protalix BioTherapeutics (PLX), Comments on Taliglucerase Delay

Wells Fargo is reaffirming its Outperform rating on shares of Protalix BioTherapeutics (NYSE: PLX), but is reducing its price valuation range from $8-$10 to $7-$9 following an announcement that the FDA has pushed back the PDUFA for taliglucerase by three months, to May 1.

The firm calls the reasons for the delay "benign" and notes that the FDA is just being extra cautious. Wells Fargo does highlight that the delay could lower the company's chance to take advantage of the Cerezyme shortage.

An analyst at Wells Fargo comments, "Still, we believe taliglucerase will eventually get over the line in the U.S. and other regions, setting PLX on the path towards profitability and endorsing the company’s unique biosimilars platform. Based on this, we believe shares are undervalued."

Wells Fargo is maintaining its FY11 EPS estimate of ($0.43) and is reducing its FY12 estimate from $0.40 to $0.39.

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 $6.19 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Marvell (MRVL) PT Raised to $225 at TD Cowen
• Amylyx Pharmaceuticals inc. (AMLX) PT Raised to $55 at H.C. Wainwright
• Grocery Outlet Holding (GO) PT Raised to $12 at TD Cowen