Protalix BioTherapeutics (NYSE:PLX) Shares Break Above 50 Day Moving Average – Here’s Why

Shares of Protalix BioTherapeutics, Inc. (NYSE:PLX) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.66 and traded as high as $2.73. Protalix BioTherapeutics shares last traded at $2.69, with a volume of 870,631 shares traded.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of Protalix BioTherapeutics in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a Buy rating. Based on data from MarketBeat, Protalix BioTherapeutics currently has an average rating of “Buy” and an average target price of $12.00.

Protalix BioTherapeutics Price Performance

The stock has a 50-day moving average price of $2.66 and a two-hundred day moving average price of $2.42. The stock has a market cap of $216.74 million, a PE ratio of -20.69 and a beta of -0.09.

Hedge Funds Weigh In On Protalix BioTherapeutics

Several institutional investors have recently added to or reduced their stakes in PLX. Ashton Thomas Private Wealth LLC bought a new stake in Protalix BioTherapeutics in the 3rd quarter worth approximately $44,000. WINTON GROUP Ltd purchased a new stake in shares of Protalix BioTherapeutics during the 2nd quarter worth approximately $130,000. Two Sigma Securities LLC purchased a new stake in shares of Protalix BioTherapeutics during the 2nd quarter worth approximately $41,000. Equitable Holdings Inc. bought a new position in shares of Protalix BioTherapeutics during the 2nd quarter valued at approximately $31,000. Finally, Bank of America Corp DE bought a new position in shares of Protalix BioTherapeutics during the 2nd quarter valued at approximately $121,000. Hedge funds and other institutional investors own 16.53% of the company’s stock.

About Protalix BioTherapeutics

Protalix BioTherapeutics, Inc is a biopharmaceutical company that develops and commercializes recombinant therapeutic proteins for the treatment of rare and serious diseases. The company is headquartered in Israel and uses its proprietary ProCellEx plant-cell-based protein expression platform to produce biologic medicines.

Protalix’s commercial products include Elfabrio (pegunigalsidase alfa), a treatment for adults with Fabry disease, and Elelyso (taliglucerase alfa), an enzyme replacement therapy for adults with Gaucher disease.