NEW YORK (TheStreet) -- Shares of PlasmaTech Biopharmaceuticals (PTBI) were soaring, up 6.22% to $7.51 in midday trading Thursday, after analysts at Roth Capital initiated coverage on the company earlier this morning.
The firm issued a "buy" rating with a $16 price target on shares of PlasmaTech Biopharma.
On Monday, shares of the company rallied following the announcement that it licensed an adeno-associated virus gene therapy for the treatment of juvenile Batten disease from UNeMed Corp.
Juvenile Batten disease is a lysosomal storage disease that mainly affects the nervous system of children.
"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 chairman Steven Rouhandeh.
Dallas, Texas-based PlasmaTech, formerly Access Pharmaceuticals, is a biopharmaceutical company engaged in developing protein biologic therapies and oncology supportive care products.
The company's product pipeline includes two commercial stage products, MuGard and ProctiGard, as well as follow-on products in the development stage.
Separately, 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."