|Shares of Protalix rising on report from Brazil|
|By Staff and Wire Reports|
|Wednesday, 29 September 2010 09:03|
Shares of Protalix BioTherapeutics Inc. (AMEX:PLX) were rising on Wednesday morning after a report from Rio De Janeiro indicated that Brazil signed a deal on Tuesday with the world's leading pharmaceutical company Pfizer and the Israel-based Protalix to produce a medicine for treating Gaucher's disease.
Brazilian Health Minister Jose Gomes Temporao said the medicine, called the enzyme taliglucerase alfa, would be produced at a lab in Rio under the 1.25-billion-real (730-million-U.S. dollar) agreement.
Back in December of 2009, Pfizer Inc. struck a commercial pact with Protalix BioTherapeutics Inc. for an experimental treatment of the rare genetic disorder, ending weeks of speculation that the pharmaceutical giant was eyeing a takeover of the Israeli firm.
The stock has been trneding higher since August and technical indicators show strong support at $8.15 with some resistance at $8.84. In addition several other technical indicators are displaying a very bullish sentiment on the stock. $12.50 is the 52-week high for shares of the company.
See the story from Xinhuanet here: http://news.xinhuanet.com/english2010/health/2010-09/29/c_13535374.htm
For more on the stock's technical analysis go to: http://www.stockta.com/cgi-bin/analysis.pl?symb=PLX