Shares of PROLOR Biotech (NYSEAMEX:PBTH) are trading up this morning after Jefferies initiated a “Buy” rating with an $8 price target. The company develops a proprietary version of human Growth Hormone (hGH) that is administered once weekly as opposed to standard treatments that require daily injection. The company expects Phase III trials for the product, which has a market opportunity of about $3 billion, to begin this year. PBTH hit its 52-week high of $6.69 in February and now trades around $4.85.
PropThink interviewed PROLOR’s President Shai Novik earlier this year and discussed the company’s long-acting hGH. The interview can be seen here.