Oppenheimer Keeps Their Buy Rating on Portola Pharma (PTLA)

By Jason Carr

Oppenheimer analyst Jay Olson maintained a Buy rating on Portola Pharma (PTLAResearch Report) today and set a price target of $42. The company’s shares opened today at $35.51.

Olson said:

“We examine several frequently asked questions in anticipation of 1Q results, including: 1) how many hospitals can PTLA add to the 200 stocking Andexxa at end of 2018?, 2) where should we expect the Andexxa re-order rate to go in 1Q?, 3) what is the average Andexxa order quantity?, 4) what types of bleeds is Andexxa being used for?, and ultimately 5) are 1Q consensus estimates reasonable? We constructed a hypothetical hospital-based model to answer these questions. Assuming PTLA continues to report the number of Andexxa hospitals and re-order rates each quarter, we believe this model may be a useful tool to monitor Andexxa progress in 2019. We make modest adjustments to our model while maintaining our Outperform rating and $42 price target. Details inside.”

According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -4.0% and a 39.2% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.

Portola Pharma has an analyst consensus of Strong Buy, with a price target consensus of $37.33, a 5.1% upside from current levels. In a report issued on March 29, Citigroup also maintained a Buy rating on the stock.

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The company has a one-year high of $45.60 and a one-year low of $14.81. Currently, Portola Pharma has an average volume of 1.29M.

Based on the recent corporate insider activity of 48 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. Last month, Henry Ward Wolff, a Director at PTLA bought 5,000 shares for a total of $25,500.

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Portola Pharmaceuticals, Inc. engages in the development and commercialization of novel therapeutics in the areas of thrombosis, other hematologic disorders and inflammation. It offers Andexxa, and Bevyxxa medicines. The company was founded by Charles J. Homcy and David R. Philips on September 2, 2003 and is headquartered in South San Francisco, CA.