Shares of the Protalix BioTherapeutics, Inc. (PLX) stock were tumbling today following the release of the updated data related to the clinical development of PRX-102 for the treatment of patients suffering from Fabry Disease. PLX stock price saw a downtrend of 14.77% to drop at $2.54 a share as of this writing. At the previous closing, the per-share price of PLX stock dropped by 1.97%. Let’s discuss more about the PLX stock.
PRX-102 Development Program Update:
The PRX-102 Development program is the 24-month BALANCE study of the efficacy of 1 mg/kg dose of PRX–102 against agalsidase beta (Fabrazyme®) in patients suffering from Fabry disease.78 patients were enrolled in this study. Two analysis sets were defined for this study. One is Intention to Treat (ITT) which consists of 77 patients who got at least one dose and the second is Per Protocol (PP) which consists of 74 patients who have undergone 12 months of treatment without the violation of major protocol.
According to the topline results, the lower limit of the confidence interval for the mean difference between the active compactor and the new drug was below the prespecified non-inferiority margin for the ITT analysis set and above the PP analysis set. Treatment emergent adverse effects resulted in the discontinued participation of two patients, however, no deaths were reported.
Financial Results of PLX stock:
On May 14, 2021, Protalix did announce the first quarter of 2021 financial results according to which $4.5million revenue from the selling of goods was reported, decreased by $0.5 million in the same quarter of the previous year.A 59% decrease was observed in the licenses and R&D revenue of $6.8 million for the first quarter of 2021 compared to the same quarter of the previous year.
PLX stock spent $7.1 million in research and development expenses and $3.1 million for the general, selling, and administrative expenses in the first quarter of 2021 while these expenses were $10.3 million and $3.2 million respectively for the respective quarter of the previous year.
As of March 31, 2021, PLX stock had cash and cash equivalents of $19.83 million as compared to $18.27 million by the end of December 2020.$8.8 million gross proceeds were raised from the offering of common stock by Protalix stock under the ATM program and $40.2 million gross proceeds were raised through the public offering of its common stock.
PLX stock is continuing the downtrend as far as market sentiment is concerned with its recent release of updated clinical data of PRX-102.In short, deep fundamental, as well as technical analysis, is necessary before adding PLX stock to the portfolio.