Protalix Biotherapeutics Inc (NYSEMKT:PLX) investors are getting skittish today, sending shares on a roughly 5% whirl down despite the biotech firm posting a top-line beat, with revenues outperforming expectations by a mile.

Rodman & Renshaw Ram Selvaraju does not fall sway to the sudden, sharp turn in investor sentiment, believing the company’s investments further bolster clinical progress.

As such, the analyst reiterates a Buy rating on shares of PLX with a $5 price target, which represents a just under 724% increase from where the stock is currently trading. (To watch Selvaraju’s track record, click here)

Selvaraju notes that as the Fabry disease pivotal program makes moves forward, “Thus far, all of the patients in the BALANCE study who switched to pegunigalsidase alfa from Fabrazyme® have demonstrated favorable tolerability and no infusion reaction has been observed. Encouragingly, a number of patients have been moved to home care therapy following successful initial infusion periods in the infusion center.”

Moreover, the analyst predicts, “We anticipate that Protalix should advance its second clinical-stage candidate, alidornase alfa (AIR DNase™), into a late-stage, comparatorcontrolled trial once the parameters of this study have been finalized with regulators at the FDA,” expecting a trial could be initiated as early as before the close of the year.

“Israel facility authorized to manufacture multiple candidates. We remind investors that in early June, Protalix announced that a supplemental New Drug Application (sNDA) that it had previously submitted in the U.S. had been approved by the FDA,” Selvaraju adds.

For the second quarter, the biotech firm posted $6.8 million, “handily” trouncing the analyst’s expectations looking for just $4.5 million. The firm’s basic EPS hit $0.00 per share, more or less aligning with the analyst’s expectations looking for a net loss of $0.01 per share. R&D spending of $9.3 million meaningfully outperformed the analyst’s expectations of $6.3 million. “This reflects the company’s continued spending on the pivotal program for its lead drug candidate, pegunigalsidase alfa (PRX-102) for treatment of Fabry disease,” contends Selvaraju.

TipRanks analytics indicate PLX as a Buy. Based on 2 analysts polled by TipRanks in the last 3 months, both rate a Buy on Protalix stock. The 12-month average price target stands at $3.40, marking a nearly 467% increase from where the stock is currently trading.