Portola post-earnings selloff a buying opportunity, says Citi
Citi analyst Yigal Nochomovitz recommends using the post-earning selloff in shares of Portola Pharmaceuticals as a buying opportunity. The FDA on August 17 is expected to announce its decision on acceptance for review of Portola's biologics license application resubmission for AndexXa. If accepted, AndexXa will have an FDA action date of February 2, 2018, the analyst wrote earlier in a research note. His expectation is that AndexXa will launch immediately if approved in Q1 of 2018 and he sees the drug's sales potential is over $1B. Nochomovitz views Portola's fundamentals as solid and believes a takeout thesis remains in play. The analyst has a Buy rating on the shares with a $78 price target. The stock in midday trading is down $3.94 to $56.45.