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Biotech speculators continue to buy into positive attention
Shares of PROLOR Biotech, Inc. (AMEX:PBTH) have been on the move since we told readers about the company in January and jumped another 2.81% on Tuesday.
The biopharmaceutical company which utilizes patented technology to develop longer-acting, proprietary versions of already approved therapeutic proteins led gains on the Bloomberg Israel-US Index in January with a 45 percent surge after dropping 34 percent last year.
Just days after we told our premium subscribers that we were hearing positive clinical data chatter from various analysts and others at healthcare conferences in San Francisco, the company announced positive top-line results from their pilot study of their Long-Acting Human Growth Hormone Injected Twice Per Month. Dr. Avri Havron, Chief Executive Officer of PROLOR was very encouraged by the findings and hinted that hGH-CTP can potentially provide a safe and effective new therapeutic option for adults with growth hormone deficiency when injected once-weekly, versus the daily injections of conventional hGH that are currently required.
"The results from this new pilot study indicate that hGH-CTP may be able to achieve an even better administration regimen—requiring injections just twice per month," said Dr. Havron. "This is encouraging news for growth hormone deficient patients who would like to minimize their injection regimen."
Apparently, we aren't the only ones we continue to expect some very positive developments from this company. Earlier in the week, Raghuram Selvaraju, Ph.D.-- an analyst at Morgan Joseph TriArtisan reminded clients that they would be well-advised to take note of PROLOR's recent progress and the prospects for future appreciation of the stock given the achievement of several notable near-term milestones. Selvaraju reiterated his firm's Buy rating and 12-month price target of $16.00 on PROLOR shares.
I continue to agree with the analyst that PROLOR continues to represent a compelling investment in the life sciences sector. They are taking a substantially risk-mitigated approach to drug development, focusing on validated targets and making improvements to existing drugs. We would not be surprised to see PROLOR's value continuing to rise, especially in the eyes of Big Pharma entities like Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA).
PROLOR is 21 percent owned by Teva’s Chairman Philip Frost and there is little doubt that may come into play for PROLOR's valuation as more data and study results from key are revealed going forward.
Keep in mind also that Teva announced recently that Jeremy Levin, formerly of drugmaker Bristol-Myers Squibb Co. (NASDAQ:BMY), would be joining the firm as its chief executive officer. Investors have been concerned that their U.S.-traded shares plunged 23 percent last year, the most since 2006 and that Teva needs to fins new sources of revenue.
“Levin’s background will enable Teva to buy companies like Prolor that would fold particularly well with the company,” Selvaraju told Bloomberg on Wednesday.
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