Portola Pharmaceuticals Inc (NASDAQ:PTLA)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $23.38, but opened at $22.99. Portola Pharmaceuticals shares last traded at $23.76, with a volume of 37246 shares changing hands.

PTLA has been the topic of several recent analyst reports. Morgan Stanley cut their price objective on shares of Portola Pharmaceuticals from $34.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, October 11th. Oppenheimer set a $60.00 price target on shares of Portola Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, September 20th. Credit Suisse Group upgraded shares of Portola Pharmaceuticals from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $28.00 to $34.00 in a report on Monday, August 27th. BidaskClub downgraded shares of Portola Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 26th. Finally, ValuEngine downgraded shares of Portola Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $48.29.

The company has a current ratio of 6.69, a quick ratio of 6.59 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -4.78 and a beta of 1.64.

Portola Pharmaceuticals (NASDAQ:PTLA) last issued its quarterly earnings results on Thursday, August 9th. The biopharmaceutical company reported ($1.61) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.49) by ($0.12). Portola Pharmaceuticals had a negative return on equity of 111.64% and a negative net margin of 1,503.29%. The business had revenue of $4.01 million during the quarter, compared to analyst estimates of $6.35 million. During the same quarter last year, the company posted ($1.22) EPS. Portola Pharmaceuticals’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, research analysts expect that Portola Pharmaceuticals Inc will post -5.77 earnings per share for the current year.

In related news, Director Jeffrey W. Bird acquired 390,000 shares of the stock in a transaction on Thursday, August 23rd. The shares were acquired at an average price of $25.84 per share, for a total transaction of $10,077,600.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey W. Bird acquired 137,563 shares of the stock in a transaction on Tuesday, August 21st. The stock was bought at an average price of $25.17 per share, for a total transaction of $3,462,460.71. The disclosure for this purchase can be found here. Corporate insiders own 4.60% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Portola Pharmaceuticals by 12.5% during the 2nd quarter. BlackRock Inc. now owns 5,251,512 shares of the biopharmaceutical company’s stock valued at $198,351,000 after buying an additional 583,581 shares in the last quarter. Temasek Holdings Private Ltd lifted its position in shares of Portola Pharmaceuticals by 6.0% during the 2nd quarter. Temasek Holdings Private Ltd now owns 5,174,168 shares of the biopharmaceutical company’s stock valued at $195,428,000 after buying an additional 290,600 shares in the last quarter. Cadian Capital Management LP lifted its position in shares of Portola Pharmaceuticals by 83.7% during the 2nd quarter. Cadian Capital Management LP now owns 2,280,201 shares of the biopharmaceutical company’s stock valued at $86,123,000 after buying an additional 1,039,257 shares in the last quarter. Zevenbergen Capital Investments LLC lifted its position in shares of Portola Pharmaceuticals by 51.1% during the 2nd quarter. Zevenbergen Capital Investments LLC now owns 1,253,625 shares of the biopharmaceutical company’s stock valued at $47,349,000 after buying an additional 424,100 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its position in shares of Portola Pharmaceuticals by 9.0% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 1,166,721 shares of the biopharmaceutical company’s stock valued at $44,067,000 after buying an additional 96,777 shares in the last quarter. Institutional investors and hedge funds own 94.25% of the company’s stock.

About Portola Pharmaceuticals (NASDAQ:PTLA)

Portola Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics in the areas of thrombosis, other hematologic disorders, and inflammation. The company is developing Betrixaban, an oral once-daily Factor Xa inhibitor for hospital and extended duration prophylaxis of venous thromboembolism in adults hospitalized for an acute medical illness; Andexanet alfa, a recombinant protein that is in Phase III study for reverse anticoagulant activity in patients treated with fXa inhibitor; and Cerdulatinib, a spleen tyrosine kinase inhibitor, which is in Phase IIa clinical stage to treat hematologic cancers.

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