Protalix BioTherapeutics (NYSEMKT: PLX) is off to an incredibly strong start to the trading session today, and for good reason. The company reported earnings for the first quarter, coming in ahead of expectations on both the top and bottom line. This led to excitement among investors, causing gains in the value of the stock and prompting our partners at Trade Ideas to send an alert. At the moment (9:30), PLX is trading at $0.96 per share after a gain of $0.04 per share or 4.45% thus far today.
PLX Reports Q1 Earnings
As mentioned above, Protalix Biotherapeutics is off to a strong start to the trading session today after reporting earnings for the first quarter that were ahead of expectations. In terms of earnings per share, the company produced a loss of $0.07 per share, beating analyst expectations by $0.02. On the revenue side of the equation, the company showed incredible growth. During the quarter, PLX generated revenue of $2.89 million, beating analyst expectations by $0.34 million and representing year over year growth in the amount of 325%. In a statement Moshe Manor, President and CEO at PLX had the following to offer…
“This quarter we remained focused on driving our lead clinical asset pegunigalsidase alfa through clinical development including FDA clearance of our IND for the first ever once monthly dose of pegunigalsidase alfa. This will further differentiate pegunigalsidase and its potential superiority to currently available therapies. We also announced very strong, positive results for alidornase alfa from our Phase II study in Cystic Fibrosis… Additionally, in the first quarter we recorded increased revenue from sales of alfataliglicerase in Brazil and we anticipate revenues will further increase significantly throughout the year.”
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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 following the ongoing development of both pegunigalsidase alfa and alidornase alfa as both treatments seem to be overwhelmingly promising. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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