Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) from a buy rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “Portola Pharmaceuticals, Inc. is a biopharmaceutical company .It focuses on the development and commercialization of therapeutics for thrombosis, other hematologic disorders and inflammation. Portola Pharmaceuticals, Inc. is headquartered in South San Francisco, California. “

Several other brokerages also recently commented on PTLA. BidaskClub upgraded shares of Portola Pharmaceuticals from a sell rating to a hold rating in a research report on Thursday, June 22nd. Citigroup Inc. set a $51.00 price target on shares of Portola Pharmaceuticals and gave the company a buy rating in a research report on Wednesday, April 12th. Oppenheimer Holdings, Inc. upped their price target on shares of Portola Pharmaceuticals from $66.00 to $80.00 and gave the company an outperform rating in a research report on Monday, July 24th. William Blair restated an outperform rating on shares of Portola Pharmaceuticals in a research report on Monday, June 26th. Finally, Cowen and Company upped their price target on shares of Portola Pharmaceuticals from $45.00 to $70.00 and gave the company an outperform rating in a research report on Monday, June 26th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $63.77.

Portola Pharmaceuticals (NASDAQ:PTLA) opened at 55.68 on Tuesday. The stock’s market capitalization is $3.21 billion. Portola Pharmaceuticals has a 52 week low of $15.68 and a 52 week high of $67.10. The stock’s 50 day moving average is $60.73 and its 200-day moving average is $42.42.

Portola Pharmaceuticals (NASDAQ:PTLA) last issued its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($1.22) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.10) by $0.12. The firm had revenue of $3.79 million during the quarter, compared to analysts’ expectations of $4.28 million. Portola Pharmaceuticals had a negative net margin of 807.93% and a negative return on equity of 145.12%. The firm’s revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the company posted ($1.02) EPS. Equities research analysts forecast that Portola Pharmaceuticals will post ($4.86) EPS for the current year.

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In other news, VP Mardi Dier sold 93,392 shares of the stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $55.46, for a total transaction of $5,179,520.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Lis sold 269,299 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $55.43, for a total transaction of $14,927,243.57. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,289,656 shares of company stock worth $91,298,131. Company insiders own 4.90% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Portola Pharmaceuticals during the first quarter valued at approximately $968,000. Princeton Alpha Management LP acquired a new position in shares of Portola Pharmaceuticals during the first quarter valued at approximately $360,000. UBS Asset Management Americas Inc. raised its position in shares of Portola Pharmaceuticals by 32.0% in the first quarter. UBS Asset Management Americas Inc. now owns 399,684 shares of the biopharmaceutical company’s stock valued at $15,664,000 after buying an additional 96,962 shares during the period. Marcus Capital LLC raised its position in shares of Portola Pharmaceuticals by 5.4% in the first quarter. Marcus Capital LLC now owns 97,675 shares of the biopharmaceutical company’s stock valued at $3,828,000 after buying an additional 4,975 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in shares of Portola Pharmaceuticals by 4.0% in the first quarter. TIAA CREF Investment Management LLC now owns 223,924 shares of the biopharmaceutical company’s stock valued at $8,776,000 after buying an additional 8,673 shares during the period. Institutional investors own 86.26% of the company’s stock.

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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