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

Protalix BioTherapeutics, Inc. (NYSE:PLX)’s share price 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.

Wall Street Analysts Forecast Growth

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

Protalix BioTherapeutics Stock Performance

The stock has a market capitalization of $216.74 million, a P/E ratio of -20.69 and a beta of -0.09. The company’s 50-day moving average price is $2.66 and its 200 day moving average price is $2.42.

Institutional Investors Weigh In On Protalix BioTherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of PLX. Equitable Holdings Inc. purchased a new stake in shares of Protalix BioTherapeutics during the second quarter worth about $31,000. Ieq Capital LLC bought a new stake in Protalix BioTherapeutics during the 2nd quarter valued at approximately $32,000. Two Sigma Securities LLC purchased a new position in Protalix BioTherapeutics in the 2nd quarter worth approximately $41,000. Ashton Thomas Private Wealth LLC purchased a new position in Protalix BioTherapeutics in the 3rd quarter worth approximately $44,000. Finally, Walleye Capital LLC purchased a new position in Protalix BioTherapeutics in the 2nd quarter worth approximately $46,000. 16.53% of the stock is owned by institutional investors.

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.