Zacks Investment Research upgraded shares of Protalex, Inc. (PRTX) from N/A to NEUTRAL on September 16, 2013, with a target price of $3.50.
We are initiating coverage of Protalex Inc. with a Neutral rating. Protalex is developing PRTX-100, a highly purified form of Staphylococal protein A (SpA) as a treatment for rheumatoid arthritis and other autoimmune disorders. In early-stage clinical trials, PRTX-100 has demonstrated encouraging efficacy and safety, with a novel mechanism of action that may be associated with less general immune suppression and a lower incidence of infections and malignancies than current market leading therapies for RA. We find PRTX-100 highly intriguing, with a potential blockbuster profile, although we caution investors that the data is still early-stage and thus rate the shares Neutral until further proof-of-concept is generated. We have performed a DCF analysts based in part on comparable deals in the RA space, and have arrived at a fair value of $3.50.
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