Oppenheimer analyst Jay Olson reiterated a Buy rating on Portola Pharma (NASDAQ: PTLA) yesterday and set a price target of $80. The company’s shares closed yesterday at $42.28.
Olson wrote:
“PTLA posted its first revenues with $606K of BevyxXa sales, slightly better than our $406K estimate. EPS of -$1.28 beat -$1.57E consensus and our -$1.54 estimate. PTLA received approval of AndexXa and earned a $100 million milestone payment from Partners (royalty-based financing deal). The call focused on the anticipated launch dynamics of 2 drugs: AndexXa will be launched with Gen1 material in June through an early supply program to 30-40 hospitals (predominantly ANNEXA-4 clinical trial sites). Post approval of Gen2 (est. early 2019) full launch will target 1000+ hospitals. Bevyxxa payor coverage now includes 100M lives while patients fill prescriptions post discharge or leave the hospital with drug. We anticipate multiple non-dilutive financing options and reiterate our Outperform rating.”
According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -6.4% and a 38.6% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Currently, the analyst consensus on Portola Pharma is Strong Buy and the average price target is $60.80, representing a 43.8% upside.
In a report issued on May 4, Cowen & Co. also reiterated a Buy rating on the stock with a $65 price target.
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Based on Portola Pharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $91.78 million. In comparison, last year the company had a GAAP net loss of $41.72 million.
Based on the recent corporate insider activity of 41 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 other hematologic disorders, and inflammation. Its development-stage portfolio consists of the compounds including Betrixaban, a novel oral once-daily inhibitor of Factor Xa in phase three clinical trials for extended duration prophylaxis, or preventive treatment of a form of thrombosis known as venous thromboembolism, in acute medically ill patients; Andexanet alfa, a recombinant protein designed to reverse anticoagulant activity in patients treated with a Factor Xa inhibitor; and Cerdulatinib, an orally available kinase inhibitor that inhibits spleen tyrosine kinase and janus kinases, enzymes that regulate important signaling pathways. 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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