Protalix BioTherapeutics (PLX) PT Raised to $15 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the price target on Protalix BioTherapeutics (NYSE: PLX) to $15.00 (from $10.00) while maintaining a Buy rating.

The analyst commented: "Investors are reminded that Protalix reported 3Q24 revenues from selling goods of $17.8M–an increase of $7.6M, or 75%, vs. the $10.2M reported in the year-ago period. The increase resulted primarily from an increase of $6.8M in sales to privately-held Chiesi Farmaceutici S.p.A., and an increase of $1.1M in sales to Pfizer (PFE; not rated), partially offset by a decrease of $0.3M in sales to Brazil. Recall that Protalix's development and commercialization partner, Chiesi Global Rare Diseases (Chiesi), a business unit of the privately-held Chiesi Group, is commercializing Protalix's most important asset—pegunigalsidase alfa-iwxj, approved in multiple countries globally for the treatment of Fabry disease—under the trade name Elfabrio for treatment of adult Fabry patients at a dosage of 1mg/kg administered every two weeks. Elfabrio, a PEGylated enzyme replacement therapy (ERT), is a recombinant human α–galactosidase–A enzyme expressed via plant cell culture that is designed for a longer half-life, thus facilitating less frequent dosing. The product is also designed to elicit fewer neutralizing antibodies. We continue to expect Elfabrio to be deployed aggressively by Chiesi's rare disease unit. We reiterate our Buy rating, while raising our 12-month price target to $15 from $10 because Protalix is now debt-free, having repaid all its 7.50% senior secured convertible promissory notes last year in full from cash on hand. Investors are advised that Protalix may achieve sustainable profitability from this year forward, driven mainly by the Elfabrio royalty stream."

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