It is not uncommon to see stocks soaring despite there being no material news about the company in question. That is what happened with the Protalix Biotherapeutics Inc (NYSE: PLX) stock last week. Last week the stock grew 10% and managed to hit its highest level in 52 weeks of $4.91 a share. More importantly, investors need to note that the stock has rallied by as high as 35% so far in 2021.
While it is true that there has been no news about the company in recent times, it might be useful to take a look at development from back in October last year. The development was with regards to the company’s business unit Chiesi Global Care Diseases, which it owns with Chiesi Farmaceutici.
At the time, Chiesi Global announced that an Expanded Access Program had been launched with regards to pegunigalsidase alfa in the United States. The product in question is meant for the treatment of Fabry disease.