PLX - Upcoming Earning Release Paired With Price Target Raise Sends Stock Soaring

2023-10-31 15:49:03 ET

A New Jersey-based %Healthcare company turned heads on Tuesday following HC Wainwright & Co. maintaining a buy rating while raising its price target from $7 to $10/share. This report came one day following the company’s announcement that it will be releasing q3 financial results on November 6th.

This potential catalyst paired with the price target increase had traders eager to get their hands on shares of %ProtalixBioTherapeutics (NYSE American: ) as shares of the small cap reached $1.66/share (+11.41%) at the session high. This move could be an indication of things to come seeing how far off this stock is from it’s 52-week high, meaning that there is plenty of upside from current levels.

Protalix BioTherapeutics Inc is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx protein expression system or ProCellEx. It has developed taliglucerase alfa for the treatment of Gaucher disease. The company's products also treat diseases like Fabry disease and cystic fibrosis.The company's primary sources of revenues include its sales of taliglucerase alfa in Brazil and of drug substance to Pfizer under its Amended Pfizer Agreement.