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Fly News Breaks for February 21, 2018
PTLA
Feb 21, 2018 | 05:34 EDT
Citi analyst Yigal Nochomovitz lowered his price target for Portola Pharmaceuticals to $72 from $78 following news of the Committee for Medicinal Products for Human Use's positive trend vote for AndexXa and negative trend vote for Bevyxxa. He notes his model only embedded $4 for a "modest" royalty on Bevyxxa in Europe. He finds the negative trend vote unsurprising and keeps a Buy rating on Portola. The analyst views the $7 per share selloff on the news as overdone.
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