Protalix BioTherapeutics (NYSEMKT: PLX)
Protalix BioTherapeutics is having an incredible start to today’s trading session. News broke that sent the stock running up on massive gains in the pre-market hours. While the opening bell just rang, it would be hard to imagine that the stock would end anywhere but in the green today considering the strong pre-market gains. Below, we’ll talk about what we’re seeing from PLX, why, and what we’ll be watching for ahead.
What We’re Seeing From PLX
As mentioned above, Protalix BioTherapeutics is having an incredibly strong start to the trading session. While we are only a couple minutes into the session, the stock is already trading on impressive gains. The gains are the result of great pre-market activity following a big announcement. At the moment (9:32), PLX is trading at $0.61 per share after a gain of $0.06 per share (11.39%) thus far today.
Why The Stock Is Gaining
As is almost always the case, as soon as our partners at Trade Ideas informed us of the gains on PLX, the CNA Finance team started digging to see what was causing the movement. In this particular case, the answer became clear almost immediately. It seems as though the gains are being caused by an announcement of a large share purchase that was made earlier this morning.
The press release explained that Knight Therapeutics Inc. has made an acquisition of a large number of shares in the company. In fact, Knight has purchased 6.2 million shares of common stock at a price of $0.57 per share. This means that Knight Therapeutics now owns approximately 5% of Protalix BioTherapeutics.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PLX. In particular, we’re interested in learning more about the share purchase. After all, such a large purchase will come with a bit of say in what happens with the company ahead. We’ll keep a close eye on the news and bring it to you as it breaks!
UPDATE – Looks like the gains have reached the top. PLX has been trading flat since the opening bell. Holding onto gains!
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