Portola selloff today based on 'stale' guidelines draft, says Oppenheimer
Oppenheimer analyst Jay Olson views the selloff today in shares of Portola Pharmaceuticals as "off-target." The decline is based on the rehashing of draft guidelines that were available for public comment from July 24 to August 25, Olson tells investors in an afternoon research note titled "Stale Draft Recommendations for VTE Mysteriously Resurface." The draft references the August 2016 New England Journal of Medicine article for Portola's Bevyxxa versus Lovenox in cohort one on the primary efficacy outcome, the analyst notes. He expects revised final guidelines to be published by year-end and keeps an Outperform rating on Portola. The stock in afternoon trading is down 7% to $52.52 after STAT News said the company's blood thinner launch could be complicated by the guidelines.