William Blair still sees FDA approval for Portola's AndexXa
William Blair analyst Matt Phipps says that while the FDA extension is "undoubtedly a disappointment to investors," he continues to believe Portola Pharmaceuticals' AndexXa will receive approval. The request for information from the FDA only pertained to information from the ANNEXA-4 study, and did not include additional questions regarding the manufacturing of AndexXa, which was the primary reason for the original complete response letter, Phipps tells investors in a research note. The analyst sees AndexXa gaining approval in the United States and Europe in the near term. This, combined with the commercial launch of Bevyxxa, provides "significant upside potential" to current share prices, Phipps contends. He keeps an Outperform rating on Portola. The stock closed Friday down 6% to $51.80.