H.C. Wainwright reiterates Protalix BioTherapeutics Inc. [PLX] at Buy and assigns price target at $11

H.C. Wainwright maintained its Protalix BioTherapeutics Inc. [AMEX:PLX]‎ rating to the equivalent of ‎Buy but changed the price target ‎to $11, in a research note dated December 31, 2020. That figure ‎represents around a 212.5% ‎premium ‎from where the company’s shares closed on Wednesday.‎ Other ‎analysts also ‎revised their coverage, with H.C. Wainwright’s analysts reiterating the shares to “a Buy” ‎rating in a ‎research note to investors issued in early June. Meanwhile, Rodman & Renshaw had ‎maintained its ‎rating on PLX to the earlier “Buy” rating, in a research note produced for clients April 17, ‎‎2017. In ‎addition, there was a new coverage from Rodman & Renshaw on April 04, 2016. The research ‎firm ‎rated PLX “a Buy”.

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Is Protalix ‎BioTherapeutics Inc. [AMEX:PLX] a Good Buy Right Now?

It should be noted that ‎PLX technical ‎indicators for short, intermediate as well as long term progress have placed an overall ‎average of 24% ‎as Sell. The average signal changed from 8% Sell in the last week and compares with ‎‎32% Buy in the ‎past month. Data from Protalix BioTherapeutics Inc.’s Trend Spotter indicated that the ‎signals were ‎Weakening. The stock current average is 0.19 million shares in the past 20 days and the ‎short term ‎average signal indicates a Hold. In the last 50 days, the average trading volume was 0.14 ‎million shares ‎while the medium term average advocated for 50% Sell. The average long-term signal ‎stands at Hold ‎and the 100-day average volume stands at 0.14 million shares.‎‎

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PLX Price Performance

On ‎Wall Street, Protalix BioTherapeutics Inc. [AMEX:PLX] finished ‎Wednesday’s session up 1.15% at $3.52. ‎The stock went up to $3.76 at the same session while its ‎lowest single day price was $3.45. In the last ‎five days, it saw a rise of about 1.44%, Protalix ‎BioTherapeutics Inc. shares gained by almost 7.32% ‎since the beginning of the year. However, the ‎share price has dropped to as low as -27.65% below its ‎one year high. On 04/29/20, the company ‎shares recorded $4.86, the highest single-day price it has got ‎to in the last 52-weeks and a 52-week low ‎was seen on 03/16/20, the same year at $2.04. The ‎company’s shares have inclined by 7.32% in the ‎past year. The 50-day SMA achieved is $3.54 while the ‎‎200-day SMA is $3.48. Volume gained to 0.57 ‎million from 0.15 million in the previous session.‎‎

PLX ‎Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing is ‎perceived ‎around 3.39 level, and in case of violation of this particular level, it will cause more drop to ‎‎3.27 level. ‎On the upper level, 3.89 is still the key resistance. The stock may increase to the subsequent ‎resistance ‎at 3.70. The Relative Strength Index (RSI) pinned on the 14-day chart is 48.35, implying a ‎neutral ‎technical stance while the MACD stands at -0.04, meaning price will decrease in the next ‎trading ‎period. Percent R indicator moved to 64.00%, implying low price movement. Stochastic %K at ‎‎36.00% ‎suggest selling the stock.‎‎

What is the short interest in Protalix BioTherapeutics Inc.?

Short ‎interest in the Protalix ‎BioTherapeutics Inc. stock has plunged, decreasing by -0.15 million shares to ‎total 0.28 million shares ‎on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 0.13 ‎million, data from Yahoo ‎Finance shows. The increase of 53.66% suggests the stock saw some ‎increased bearish sentiment. The ‎stock’s days to cover (short ratio) moved to while the shorted shares ‎account for just 0.86% of the ‎overall float for the stock.‎‎

Protalix BioTherapeutics Inc.’s Biggest ‎Shareholders: Who Owns Protalix BioTherapeutics Inc. ‎‎[PLX]?

Filings by Highbridge Capital ‎Management LLC showed that the firm now holds a total of ‎‎2,414,487 shares or roughly 7.24% of the ‎outstanding PLX shares. This means their shares have ‎reduced by 0 from the 2,414,487 the investor ‎reportedly held in its prior 13-F filing. With the conclusion ‎of the sale, Renaissance Technologies LLC ‎updated stake is worth $1,760,299. Details in the latest 13F ‎filings reveal that Psagot Mutual Funds Ltd. ‎disposed off their 0.00% stake valued at $1,688,215 while ‎Medical Strategy GmbH cut theirs at ‎‎$1,484,824. ‎‎

PLX Earnings Forecast For The Current Quarter

Protalix BioTherapeutics Inc. ‎‎[PLX] is ‎expected to report weak earnings results for the quarter ending on Dec 2020. Consensus ‎estimates ‎give the company expected revenues of $11.98M and an earnings per share of -$0.08 for ‎Dec 2020. ‎Looking further ahead, the company is expected to report revenue of $16.1M at an EPS of -‎‎$0.02 for ‎Mar 2021. The estimates represent downside of 9.40% and 102.60% in the company’s ‎revenue and ‎earnings per share, respectively, on a year-on-year basis.‎‎

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PLX Earnings Estimates For The ‎Current ‎Year

For the financial year, Protalix BioTherapeutics Inc. [AMEX:PLX] is expected to bring ‎in ‎revenue of $55.31M. The returns are nearly $0.62 million higher than the company’s actual ‎revenue ‎recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at -0.39, higher ‎than that ‎of FY19 by $0.84. Estimates put this year’s earnings growth at 68.30%, 102.60% for the next, ‎and at an ‎annual 25.00% over the next 5-year period. As for sales, forecasts are for an increase of ‎‎1.10% in the ‎current fiscal year and a further 9.40% over the following year.‎

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