PROLOR Biotech: Commencement of the Phase II trial over the next 12 months should provide a catalyst for the shares - Ladenburg (6.12)
Ladenburg notes that yesterday, PBTH announced positive interim results for the Phase II study of its long-acting human growth hormone (hGH-CTP). Firm believes the achievement of further regulatory milestones including the conclusion of the Phase II trial and the commencement of the Phase II trial over the next 12 months should provide a catalyst for the shares. They are reducing their price target from $9 to $8 to reflect the company's current share count. The firm also notes that their price target implies 34% upside and is based on a risk-adjusted NPV analysis of the expected developmental costs and revenue stream from PBTH's hGH-CTP and does not reflect potential revenue from other early stage product candidates.