Credit Suisse Group Reiterates $70.00 Price Target for Portola Pharmaceuticals, Inc. (PTLA)
Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) received a $70.00 target price from equities researchers at Credit Suisse Group in a report issued on Thursday. The firm currently has a “hold” rating on the biopharmaceutical company’s stock. Credit Suisse Group’s price target suggests a potential upside of 15.91% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other equities research analysts have also commented on PTLA. Citigroup Inc. set a $51.00 price target on Portola Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday, April 12th. Oppenheimer Holdings, Inc. set a $46.00 price target on Portola Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, May 9th. ValuEngine upgraded Portola Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub upgraded Portola Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Finally, William Blair reiterated an “outperform” rating on shares of Portola Pharmaceuticals in a research report on Monday, June 26th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $63.77.
Portola Pharmaceuticals (PTLA) opened at 60.39 on Thursday. The firm has a 50-day moving average price of $59.76 and a 200 day moving average price of $42.10. Portola Pharmaceuticals has a 1-year low of $15.68 and a 1-year high of $67.10. The firm’s market cap is $3.44 billion.
Portola Pharmaceuticals (NASDAQ:PTLA) last released its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($1.22) EPS for the quarter, missing analysts’ consensus estimates of ($1.15) by $0.07. Portola Pharmaceuticals had a negative net margin of 759.21% and a negative return on equity of 106.68%. The company had revenue of $3.79 million during the quarter, compared to the consensus estimate of $4.28 million. During the same quarter last year, the firm posted ($1.02) EPS. The company’s quarterly revenue was down 10.4% on a year-over-year basis. Equities analysts predict that Portola Pharmaceuticals will post ($4.34) earnings per share for the current year.
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In other news, Director Jeffrey W. Bird purchased 119,442 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were acquired at an average cost of $31.85 per share, with a total value of $3,804,227.70. Following the purchase, the director now owns 3,000 shares in the company, valued at $95,550. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder (Mauritius) Pte Ltd Maxwell sold 1,700,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $34.40, for a total value of $58,480,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,289,656 shares of company stock worth $91,298,131. 4.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Portola Pharmaceuticals by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,078 shares of the biopharmaceutical company’s stock worth $117,000 after buying an additional 258 shares during the period. IFP Advisors Inc increased its position in Portola Pharmaceuticals by 7.7% in the second quarter. IFP Advisors Inc now owns 2,370 shares of the biopharmaceutical company’s stock worth $133,000 after buying an additional 170 shares during the period. First Mercantile Trust Co. purchased a new position in Portola Pharmaceuticals during the first quarter worth $165,000. Ameritas Investment Partners Inc. purchased a new position in Portola Pharmaceuticals during the first quarter worth $167,000. Finally, Fortaleza Asset Management Inc. purchased a new position in Portola Pharmaceuticals during the first quarter worth $193,000. 86.26% of the stock is currently owned by institutional investors and hedge funds.
About Portola Pharmaceuticals
Portola Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients having limited or no approved treatment options. The Company’s two lead programs, Betrixaban and Andexanet alfa, address unmet medical needs in the area of thrombosis, or blood clots.
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