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Fly News Breaks for March 13, 2018
PTLA
Mar 13, 2018 | 09:03 EDT
William Blair analyst Matt Phipps says that despite the positive second interim analysis of the ongoing Aneexa-4 study for the use of AndexXa in patients with acute major bleeding while taking a Factor Xa inhibitor, shares of Portola Pharmaceuticals old off sharply following comments by Gregg Stone from Columbia University Medical Center. During the discussion after the presentation, Stone mentioned the difficulty in broadly interpreting the results without a control group of patients, Phipps tells investors in a research note. The comment was particularly notable given a recent communication Portola received from the FDA mentioning a desire to discuss a randomized control trial, with no context around when such a trial may need to be completed in the review process, the analyst adds. He believes the current share price of Portola reflects a low confidence of AndexXa receiving FDA approval in May. Phipps continue to see "significant upside" to current share prices, with potential of $55 to $60 per share if AndexXa receives regulatory approval. The analyst keeps an Outperform rating on the name.
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