William Blair Keeps a Buy Rating on Portola Pharma (PTLA)

By Ryan Adsit

William Blair analyst Matt Phipps reiterated a Buy rating on Portola Pharma (PTLAResearch Report) yesterday. The company’s shares opened today at $30.94.

Phipps wrote:

“We are encouraged by the continued growth of Andexxa, particularly with 74% of sales in the quarter coming from hospitals reordering Andexxa. In addition, management commentary continues to be positive, highlighting the increased utilization trends with current accounts, recent increase in CMS NT AP reimbursement level (to 65% from 50%), access to the Veterans Administration health system, and first sales in Europe. We believe there is continued long- term momentum for Andexxa beyond the addition of new accounts over the next several quarters, including strong growth of the factor Xa class, label expansion to include urgent surgery and enoxaparin, and continued guidance recommendations including the recent Joint Commission updates.”

According to TipRanks.com, Phipps is ranked 0 out of 5 stars with an average return of -23.9% and a 33.3% success rate. Phipps covers the Healthcare sector, focusing on stocks such as Autolus Therapeutics Plc, Kezar Life Sciences Inc, and Pieris Pharmaceuticals.

Currently, the analyst consensus on Portola Pharma is a Moderate Buy with an average price target of $44.33, representing a 43.3% upside. In a report issued on August 7, Cowen & Co. also maintained a Buy rating on the stock with a $45 price target.

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Based on Portola Pharma’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $66.2 million. In comparison, last year the company had a GAAP net loss of $106 million.

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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.