Analysts see a huge upside in Protalix Biotherapeutics Inc. (AMEX:PLX; TASE: PLX) share price after the drug development company received FDA approval to market its Elelyso treatment for Gaucher disease in the US.

Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) analyst Steven Tepper described this as a significant achievement for an Israeli company that has successfully developed the world's first treatment based on a plant cell manufacturing system. He said, "The approval gives validity to Protalix unique technological platform for manufacturing biological drugs from plant cells enabling active products with a safety advantage while significantly reducing production costs."

Tepper keeps his "Buy" recommendation for Protalix and raised the target price to $9 (NIS 34), a 45% premium on the share's closing price on the AMEX yesterday.

Oppenheimer is even more positive about Protalix with a target price of $11 (up from $9), a 60% premium on yesterday's closing price.

Oppenheimer writes, "We believe that last night's approval is an approval for Protalix technology and increases the likelihood of a marketing approval in Europe and Israel in the current year. Thus we recommend buying the share."

Protalix share price fell 11% to $6.19 in New York last night, giving a market cap of $562.14 million but after news of the FDA approval, the share price rose 22.62% in after-trading to $7.59. On the TASE this afternoon, the share price was up 17.15% at NIS 29.99.

Published by Globes, Israel business news - www.globes-online.com - on May 2, 2012

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