Traders Eye Protalix BioTherapeutics (PLX) Ahead of FDA PDUFA Date
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Protalix BioTherapeutics, Inc. (AMEX: PLX) is on traders' radars Tuesday with today being the FDA PDUFA date for Taliglucerase.
Speculators are already bidding the stock 4 percent lower to $6.64 on nervousness into the binary event.
Just yesterday analysts at Auriga downgraded the stock, saying while they believe Taliglucerase will eventually be approved they are less certain about the timing. They are recommending clients take profit and stay on the sideline in anticipation of the PDUFA event.
"Odds of FDA approval are difficult to gauge. This is the second time that Protalix goes before the FDA for approval on Taliglucerase. FDA issued a Complete Response Letter last time. So on the positive side, The FDA has already allowed Protalix and Pfizer to treat Gaucher's patients under a compassionate use program so the drug's efficacy and safety are not an issue."
Speculators are already bidding the stock 4 percent lower to $6.64 on nervousness into the binary event.
Just yesterday analysts at Auriga downgraded the stock, saying while they believe Taliglucerase will eventually be approved they are less certain about the timing. They are recommending clients take profit and stay on the sideline in anticipation of the PDUFA event.
"Odds of FDA approval are difficult to gauge. This is the second time that Protalix goes before the FDA for approval on Taliglucerase. FDA issued a Complete Response Letter last time. So on the positive side, The FDA has already allowed Protalix and Pfizer to treat Gaucher's patients under a compassionate use program so the drug's efficacy and safety are not an issue."
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