Oppenheimer Thinks Portola Pharma’s Stock is Going to Recover


Oppenheimer analyst Jay Olson maintained a Buy rating on Portola Pharma (PTLA) today and set a price target of $30. The company’s shares opened today at $19.52, close to its 52-week low of $14.81.

Olson commented:

“PTLA announced FDA approval of the Prior Approval Supplement (PAS) for its large-scale, 2nd-generation Andexxa, allowing for broad commercial launch in the US. Andexxa was initially approved on Approval pathway. PTLA launched Andexxa in an early supply program with Gen1 product to 30-40 hospitals (major trauma centers and trial sites). With the PAS approval today, the launch will eventually expand with Gen2 to 1000+ centers in the US. PTLA indicated on 3Q call that Andexxa is now in ~100 out of the 600 Tier 1 institutions it ultimately plans to prioritize. We view the PAS approval as an important first step in the turnaround of Andexxa launch. We maintain our $30 price target.”

According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -15.5% and a 27.6% 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 Moderate Buy, with a price target consensus of $34.25.

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The company has a one-year high of $55.48 and a one-year low of $14.81. Currently, Portola Pharma has an average volume of 1.63M.

Based on the recent corporate insider activity of 44 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.

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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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