Portola Pharma (PTLA) Gets a Buy Rating from Oppenheimer

By Austin Angelo

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 $32.06.

Olson noted:

“PTLA reported 1Q results roughly in line with expectations, including ($1.17) GAAP EPS, matching consensus and ahead of our ($1.35) estimate. Andexxa revenues of $20.3M included ~$2M of inventory stocking to fill the specialty distribution channel. Andexxa’s $18.3M of underlying revenues were close to our $17.5M estimate but may have missed $19.5M consenus since it’s not clear if that figure included stocking. Management indicates 300 hospitals have ordered Andexxa and the reorder rate has reached 55%, increasing from 200 hospitals and 50% at the end of 2018. These metrics are in line with the estimates we published in our hospital-based Andexxa sales forecast. We asked about sustainability of adding 100 new hospitals per quarter, and management expressed confidence in this rate. Details inside.”

According to TipRanks.com, Olson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -6.3% and a 37.4% 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 $41.40, which is a 29.1% upside from current levels. In a report issued on April 24, Citigroup also maintained a Buy rating on the stock with a $50 price target.

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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 1.1M.

Based on the recent corporate insider activity of 49 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 2019, 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.