Wells Fargo Initiates Coverage On PLX With An Outperform Rating And A Valuation Range Of $12-14

Wells Fargo is initiating coverage on Protalix BioTherapeutics, Inc. PLX with an Outperform rating and a valuation range of $12-$14. “We believe regulatory approval of Protalix's lead drug taliglucerase, an enzyme replacement therapy for Gaucher disease partnered with Pfizer (PFE), is highly likely, potentially catalyzing upside for the shares in H1 2011,” Wells Fargo writes. “We also believe Protalix has a unique profile among small-cap biotechs.” Protalix BioTherapeutics currently trades at $8.94.