Portola selloff on draft guidance 'red herring' a buying opportunity, says Citi
Citi analyst Yigal Nochomovitz attributes today's selloff in Portola Pharmaceuticals shares to controversy over the fact that the American Society of Hematology's draft recommendations argue against extended prophylaxis for VTE in acute medically ill patients. However, he points out that the document lacks any mention of Bevyxxa's status as FDA approved, which suggests the draft "needs to be revisited and/or is stale." The analyst concludes the draft was made prior to Bevyxxa approval and before the "many, many downstream publications" Portola has generated since then. Nochomovitz, who recommends investors buy the dip, keeps a Buy rating on Portola, which is down 7% in afternoon trading.