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sometimes an analyst picks up coverage then the trial fails or is delayed and they drop coverage. the only thing that has happened here is that Pluristem has raised 38 million dollars at 3.25 a share. There is no good excuse for this and any analyst worth his salt would not do this even if Roth told him to. He either lied when he raised the target or he is lying now.

Pluristem Therapeutics, Inc. | PSTI - $2.85 - NASDAQ | Buy
Estimates Changed
Target Price Changed


Stock Data
52 Week Low - High $0.94 - $2.97
Shares Out. (mil) 26.32
Mkt. Cap.(mil) $75.0
3-Mo. Avg. Vol. 223,321
12-Mo.Price Target $4.00
Cash (mil) $1.6
Tot. Debt (mil) NM
Est. 3Yr. EPS Growth NA

Cash (mil): Does not include $5.25 million raised in a private offering in October.


EPS ($)
Yr Jun 2009 --2010E-- --2011E--
Curr Curr Prev
1Q (0.29)A (0.11)A (0.08)A (0.08)A
2Q (0.09)A (0.10)A (0.08)E (0.10)E
3Q (0.17)A (0.13)A (0.10)E (0.11)E
4Q (0.12)A (0.10)A (0.10)E (0.11)E

YEAR (0.63)A (0.44)A (0.35)E (0.41)E
P/E NM NM NM NM

Revenue ($ millions)
Yr Jun 2009 --2010E-- --2011E--
Curr Curr
1Q -- -- --
2Q -- -- --
3Q -- -- --
4Q -- -- --

YEAR -- 0.0E 0.0E


PSTI: Raising Price Target After Discussions With Management

Reiterating BUY rating and raising price target to $4/share. We recently had an opportunity to sit down with PSTI management. Based on our conversation, we believe that we have a clearer picture of the company's prospects.
2010 was a good year for PSTI. The highlight of 2010 for Pluristem was its disclosure of results from its Phase 1 clinical studies (in Europe and the U.S.) of PLX-PAD (a stem cell treatment for critical limb ischemia, a severe manifestation of peripheral arterial disease that can result in limb amputation). In a total of 21 patients, PLX-PAD was found to be safe and well-tolerated. Importantly, 13 of 21 patients (62%) had improvements in blood flow and tissue oxygenation, and 17 of 21 patients (81%) had measured improvements in quality of life (as measured by the King's College Score for Quality of Life assessment). Additionally, 15 of 21 patients (71%) experienced a reduction in pain from baseline.
2011 could be a better year. We anticipate two significant events for PSTI in Q1. First, we expect that final data from PSTI's Phase 1 studies could be released by the end of Q1: based on positive preliminary results, we believe that this could further demonstrate the potential of PLX-PAD. Second, we expect to learn the result of meetings that PSTI held with the FDA and EMEA on the regulatory path for PLX-PAD. Specifically, there is the possibility that PSTI could move forward with a single pivotal Phase 2/3 clinical study of PLX-PAD: this could result in regulatory submission by the end of 2012, beating our expectations. Additionally, PSTI may initiate a clinical study of PLX-PAD, later in 2011, to treat intermittent claudication—this could increase the market potential of the treatment.
Raising price target to $4/share (from $2/share). Our new price target is based on estimated 2015 EPS of $0.41 (up from $0.16) subject to a 20X P/E (consistent with currently profitable biotech companies), discounted at 20% annually. Our increase in estimated EPS is based on greater confidence in PLX-PAD. See Valuation.



Refer to important disclosure information and rating System Definition at the end of this report. Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.





VALUATION
We maintain our BUY rating on shares of PSTI, and raise our price target to $4/share (from $2/share). Our $4/share price target is based on application of a 20x P/E multiple to estimated 2015 EPS of $0.41, discounted at 20% annually.


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Pluristem Therapeutics, Inc. | PSTI - $2.56 - NASDAQ | Non-Covered
Sus Andrew Vaino, Ph.D., [e-mail]
[phone]
Sales [phone], Trading [phone]



suspending Coverage
Rating Changed


Stock Data
52 Week Low - High $0.94 - $4.38
Shares Out. (mil) 41.32
Mkt. Cap.(mil) $105.8
3-Mo. Avg. Vol. 908,845
12-Mo.Price Target NA
Cash (mil) NA
Tot. Debt (mil) NA
Est. 3Yr. EPS Growth NA

EPS ($)
Yr Jun 2009 --2010A-- --2011E--
Curr Curr
1Q (0.29)A (0.11)A (0.08)A
2Q (0.09)A (0.10)A NA
3Q (0.17)A (0.13)A NA
4Q (0.12)A (0.10)A NA

YEAR (0.63)A (0.44)A NA
P/E NM NM NA

Revenue ($ millions)
Yr Jun 2009 --2010A-- --2011E--
Curr Curr
1Q -- 0.0A 0.0A
2Q -- 0.0A NA
3Q -- 0.0A NA
4Q -- 0.0A NA

YEAR -- 0.0A NA


PSTI: Suspending Coverage

We are suspending coverage of Pluristem Therapeutics Inc. to focus on other companies in the Biotech space.
Prior to suspending coverage of PSTI, we had a BUY rating with a 12-month target price of $4.00/share.
Consistent with suspending coverage, prior estimates should not be relied upon.