UPDATE: Oppenheimer Holdings Initiates Coverage on Prolor Biotech with Outperform Rating, $7 PT

In a report published Wednesday, Oppenheimer initiated coverage on Prolor Biotech PBTH with an Outperform rating and a $7.00 price target. Oppenheimer noted, “We are initiating coverage of PROLOR Biotech with an Outperform rating and $7 price target. PROLOR is a biopharmaceutical company developing proprietary long-acting versions of already approved therapeutics. PROLOR's leading asset is hGH-CTP, a long-acting version of human growth hormone (HGH). A Phase III trial of hGH-CTP in adults is expected to start by year-end. We highlight that if approved, hGH-CTP would be the first long-acting HGH on the market. In addition, PROLOR has exclusive rights to CTP technology for all but four proteins. Merck developed and now sells a fertility drug using CTP modification, which we believe validates this technology. In our view, PROLOR remains still largely overlooked despite multiple 12-18 month catalysts.” Prolor Biotech closed on Tuesday at $4.69.