In a report released today, Jay Olson from Oppenheimer maintained a Buy rating on Portola Pharma (NASDAQ: PTLA), with a price target of $80. The company’s shares closed yesterday at $40.78.
Olson said:
“PTLA presented additional interim data from the ongoing Ph2a cerdulatinib trial at ASCO and announced that CEO Bill Lis will retire. Among the 114 patients enrolled across five cohorts, 101 were evaluable as of May 4, 2018. The objective response rate (ORR) for all patients was 47%, with demonstration of clinical activity across tumor types and a new signal in the PTCL (7/20 patients with CR) and cutaneous T-cell lymphoma (CTCL) cohorts. We see cerdulatinib as an overlooked, well- differentiated asset with impressive preliminary data that should deliver incremental shareholder value. We expect to see updated cerdulatinib data at EHA based on more recent data cuts. Our theoretical SOTP valuation includes $4/sh for cerdulatinib (Exhibit 1), which we suspect could increase post EHA18.”
According to TipRanks.com, Olson is a 2-star analyst with an average return of 1.2% and a 46.4% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Portola Pharma has an analyst consensus of Strong Buy, with a price target consensus of $60.80.
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Based on Portola Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $84.18 million. In comparison, last year the company had a GAAP net loss of $41.72 million.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PTLA in relation to earlier this year. Most recently, in March 2018, John Curnutte, the EVP of PTLA bought 5,049 shares for a total of $42,917.
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Portola Pharmaceuticals, Inc. engages in the development and commercialization of novel therapeutics in the areas of thrombosis and hematologic disorders, and inflammation. Its FDA-approved medicines include Bevyxxa (betrixaban), the oral, once-daily Factor Xa inhibitor, and Andexxa coagulation factor Xa (recombinant), inactivated-zhzo, the antidote for the Factor Xa inhibitors rivaroxaban and apixaban. The company was founded by Charles J. Homcy and David R. Philips on September 2, 2003 and is headquartered in South San Francisco, CA.
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