Protalix BioTherapeutics Inc (NYSEAMERICAN: PLX) is having an incredibly strong start to the trading session this morning, and for good reason. The comapny announced positive preliminary clinical data, exciting investors who are sending the stock screaming for the top. Today, we’ll talk about:
- The data;
- what we’re seeing from PLX as a result; and
- what we’ll be watching for ahead.
PLX Announces Positive Data
As mentioned above, Protalix BioTherapeutics is having an incredibly strong start to the trading session this morning after the company announced positive data. In a press release issued early this morning, the company provided preliminary data from the BRIDGE study of pegunigalsidase alfa (PRX-102). The treatment is being developed as an option for patients with Fabry disease. In the announcement, PLX said that it will be presenting the positive data at the first Canadian Symposium on Lysosomal Diseases.
In the release, PLX said that the preliminary data from the first sixteen patients enrolled demonstrated an improvement in kidney function. The improvement was seen in both male and femail patients with Fabry disease. The improvement was seen after switching from agalsidase alfa to pegunigalsidase alfa. The results thus far have proven to be statistically significant.
Moreover, the company said that the enzyme has been well tolerated thus far. In fact, all adverse events have been transient in nature. In a statement, Dr. Michael West, Professor at the Division of Nephrology in the Department of Medicine at Dalhousie University had the following to offer about the data generated through the PLX trial:
These results are very encouraging and show that pegunigalsidase alfa (PRX-102) has the potential to provide a better enzyme replacement therapy for Fabry patients. I am excited to be a part of this trial, and I look forward to continuing to work with Protalix as pegunigalsidase alfa progresses through its potential approval and availability for the treatment of Fabry patients.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Protalix BioTherapeutics, the news proved to be overwhelmingly positive. After all, the strong data provides a level of validation for the company’s work with regard to PRX-102. So, it comes as no surprise that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:17), PLX is trading at $0.78 per share after a gain of $0.54 per share or 7.36% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PLX. In particular, we’re interested in following the story surrounding the company’s continued work to bring PRX-102 to market, especially considering the positive data the treatment is generating. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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