NEW YORK (TheStreet) -- PlasmaTech Biopharmaceuticals (PTBI) shares are up 7.4% to $7.82 in early market trading on Monday after the company announced that it licensed an adeno-associated virus (AAV) gene therapy for the treatment of juvenile Batten disease (JBD) from UNeMed Corp.
"This transaction further represents our commitment to our strategy of building a premier gene therapy company focusing on rare disease. We believe there are significant synergies among Abeona's expertise and programs and the ground breaking work from the scientists at the University of Nebraska Medical Center, and we are excited about moving their JBD program ahead aggressively," said executive chairman Steven H. Rouhandeh.
Juvenile Batten disease is a lysosomal storage disease that mainly affects the nervous system of children.
Currently there are no products available to treat juvenile Batten disease, but PlasmaTech says that their treatment candidate has shown promising results when tested on animals.
TheStreet Ratings team rates PLASMATECH BIOPHARMACEUTICLS as a Sell with a ratings score of E+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLASMATECH BIOPHARMACEUTICLS (PTBI) a SELL. This is based on some significant below-par investment measures, which should drive this stock to significantly underperform the majority of stocks that we rate. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: