In a research report released Monday, Rodman & Renshaw analyst Ram Selvaraju reiterated a Buy rating on shares of Protalix Biotherapeutics Inc (NYSEMKT:PLX) with a $5.00 price target, following last week’s first-quarter results.
Selvaraju noted, “The Brazilian purchasing authority—Fundação Oswaldo Cruz (Fiocruz)— has provided Protalix with a formal purchase order to buy roughly $24M of drug product from Protalix for the treatment of Brazilian Gaucher disease sufferers for 2017. Thus, we believe that accelerating Brazilian sales of alfataliglucerase should drive revenues for Protalix over the next couple of years as its lead programs continue to mature in the United States. The company closed the quarter with $48M in cash and equivalents; management has guided that Protalix has sufficient resources to fund operations into 2019.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ram Selvaraju has a yearly average return of -6.2% and a 37% success rate. Selvaraju has a 52.4% average return when recommending PLX, and is ranked #4450 out of 4561 analysts.