On Wednesday, an SEC filing was revealed regarding the insider transaction of Protalix Bio Therapeutics Inc. (PLX) stock. The company’s CEO acquired some shares of its stock on April 11, according to the filing.
PLX stock while lost 1.47% in the regular session on April 13, rebounded in the after-hours thanks to the insider transaction. Investors’ interest in the stock after the transaction filing caused it to rally by 11.19% in the after-hours. Thus, the stock was trading at a price of $1.49 per share in the late trading session on Wednesday.
PLX’s Insider Transaction
According to the filing registered on April 13, Dror Bashan acquired 68,000 shares of the company’s stock on April 11. Mr. Bashan, the company’s President, CEO, and Director bought the stock at $1.50 a share. Hence, the total value of the transaction was $102,000.
Following the transaction, Mr. Bashan owns the new shares directly while he is the indirect beneficial owner of 1,085,458 common stock shares.
Market Overview
The recombinant protein market has recently garnered much interest due to the Covid-19 pandemic. Covid-19, which has marked itself as a serious burden on the global healthcare economy, has sparked an uptick in recombinant protein-based R&D in order to develop vaccines and therapies for the disease caused by it. Another reason for increased progress in the market is the higher prevalence of chronic diseases throughout the world. Thus, inclination toward biologics/biosimilars, increased expenditure and chronic diseases are driving the recombinant protein-based therapeutics market upwards.
Valued at $125.8 billion in 2020, the recombinant protein market is expected to grow at a CAGR of 11.2% between 2021 and 2026.
PLX Analysis and Developments
In 2021, the company while combating the impact of Covid-19 continued its progress towards its clinical and regulatory goals. After a successful Type A meeting with the FDA in 2021, the company is now on track for BLA resubmission of PRX-102 for Fabry disease. Moreover, the company recently shared positive results from another Fabry disease trial as well. In addition, PLX also submitted MAA in Europe and is awaiting feedback. Thus, 2022 so far has been a very fruitful year for the company as its progresses forwards in its pipeline. PLX has so far garnered gains of over 60% year to date while 2021 saw a decline of 77%.
Conclusion
PLX stock rebounded in late trading on Wednesday after an SEC filing revealed the insider transaction of its CEO. Investors were glad to see the company’s CEO’s confidence in it.
