Portola Pharma Received its Third Buy in a Row

By Carrie Williams

After Oppenheimer and Cowen & Co. assigned a Buy rating to Portola Pharma in the last month, the company received another Buy, this time from Citigroup. Analyst Yigal Nochomovitz reiterated a Buy rating on Portola Pharma (NASDAQ: PTLA) today and set a price target of $78. The company’s shares opened today at $58.25, close to its 52-week high of $59.70.

According to TipRanks.com, Nochomovitz is a 4-star analyst with an average return of 6.0% and a 53.5% success rate. Nochomovitz covers the Healthcare sector, focusing on stocks such as Merrimack Pharmaceuticals, Anthera Pharmaceuticals, and Lexicon Pharmaceuticals.

Currently, the analyst consensus on Portola Pharma is Strong Buy and the average price target is $71, representing a 21.9% upside.

In a report released today, Oppenheimer also reiterated a Buy rating on the stock with a $66 price target.

The company has a one year high of $59.70 and a one year low of $15.68. Currently, Portola Pharma has an average volume of 853.6K.

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is neutral on the stock.

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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.