In the regular trading session on April 4, 2022, Protalix Bio Therapeutics Inc. (PLX) stock saw an upsurge of 41.90%. Trending at a hefty volume of 191.29 million shares, the stock rallied to reach $1.49 per share at the close. But inevitably this surge was followed by a downfall in the after-hours trading as stock corrections applied their pressure. Succumbing to corrections, the stock then lost 4.70% in the after-hours at $1.42 per share.
Why PLX Surged on Monday?
The latest surge in PLX is the result of encouraging topline data from another Fabry disease trial that the company along with Chiesi Global Rare Disease shared. Chiesi Global is a unit of Chiesi Farmaceutici S.p.A.
The company has been conducting a BALANCE Phase 3 trial of the novel therapy PRX-102 (pegunigalsidase alfa) in comparison to Farbrazyme® in Fabry disease. A multisystem disease that affects the skin, kidneys, heart, brain, and nervous system, Fabry disease can prove to be fatal.
The topline data demonstrated that PRX-102 not only met its primary endpoint of the study but also proved general tolerability. Thus, PRX-102 proved to help decline the progression of Fabry disease. Combined with the earlier trials results, PRX-201 has proven its potential in the treatment of the disease and thus can hopefully be the new replacement therapy. Therefore, the company is now planning for regulatory submissions along with its commercialization partner Chiesi.
How Does the Industry Look?
Topping $1.2 trillion in sales each year, the global pharmaceutical industry is focused on improving the lives of people. Trailing the past twelve months’ data, pharmaceutical stocks have outperformed the overall market by a slight margin.
Currently, as of Monday, the healthcare stocks have mostly been on a bullish roll with WVE, NLTX, and CGTX all making some moves but PLX topped with over 70% gains midday. So far the industry and its stocks have a bright future ahead as the need for cures and treatments will prevail as long as humans live.
Where Does PLX Stand?
While the company did not report much growth in its 2021 earnings, it is progressing smoothly with its pipeline. Initially failing on the BLA of its PRX-102, the latest positive data combined with the previous is now on track for BLA resubmission in H2 2022.
The company’s latest positive topline data from another Fabry disease trial had PLX rolling high on Monday. But the upsurge as expected culminated in corrections taking charge in the after hours.