10 Best Rated Penny Stocks To Buy According to Analysts

02. Protalix BioTherapeutics, Inc. (NYSE:PLX)

Upside Potential: 1,422%

Average Analyst Share Price Target: $14

Protalix BioTherapeutics, Inc. (NYSE:PLX) is a biopharmaceutical company based in Carmiel, Israel, that specializes in developing recombinant therapeutic proteins using a plant cell-based expression system called ProCellEx. The company’s key products include Alidornase alfa, PRX-115, and PRX-11. Protalix was founded by Yoseph Shaaltiel in 1993. Protalix BioTherapeutics, Inc. (NYSE:PLX) showcases an impressive upside potential of 1,422%, indicating a highly optimistic outlook from analysts.

In their Q2 2024 earnings call, Protalix BioTherapeutics, Inc. (NYSE:PLX) reported an EPS of -$0.03, missing expectations by $0.05, and revenue of $13.30 million, which, despite a 62.07% year-over-year decline, exceeded expectations by $804,000. The company provided updates on its ongoing clinical programs, particularly focusing on PRX-115, a recombinant PEGylated Uricase candidate for treating uncontrolled gout. The Phase 1 clinical study showed promising results, leading to the expansion of the study to include an eighth cohort. Protalix is preparing for a Phase 2 trial, expected to commence in mid-2025. Protalix BioTherapeutics, Inc. (NYSE:PLX) collaboration with Chiesi Global Rare Diseases, focusing on the commercialization of Elfabrio, remains strong, with Chiesi’s continued investment in the rare disease space. Additionally, Protalix is expanding its R&D efforts, particularly in renal rare diseases, leveraging its ProCellEx platform. The company is also exploring other modalities, such as small molecules and oligonucleotides, to diversify its product pipeline.

Financially, Protalix BioTherapeutics, Inc. (NYSE:PLX) recorded a decrease in revenue from selling goods by $1.8 million compared to the previous year, primarily due to decreased sales to Chiesi, though partially offset by increased sales to Brazil and Pfizer. The company’s R&D expenses decreased by 33%, largely due to the completion of the Fabry clinical program. Despite a net loss of $2.2 million for the quarter, Protalix BioTherapeutics, Inc. (NYSE:PLX) maintains a strong cash position, enabling the repayment of its convertible notes due in September 2024 and supporting ongoing operations. The company is optimistic about its future prospects, focusing on innovation and long-term value creation for both patients and shareholders.