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PTLA

Portola Pharmaceuticals

$35.36

0.87 (2.52%)

07:51
04/24/19
04/24
07:51
04/24/19
07:51

CMS document yesterday bullish for Portola Pharmaceuticals, says Citi

The Centers for Medicare and Medicaid Services' fiscal 2020 Medicare inpatient hospital document released yesterday includes two bullish data points on Portola Pharmaceuticals' Andexxa, Citi analyst Yigal Nochomovitz tells investors in a research note. The first is the announcement that CMS is proposing to raise the Inpatient Hospital New Technology Add-On Payment from 50% to 65%, which would raise CMS's reimbursement for Andexxa in 2020 from $14,062.50 to $18,281.25, says the analyst. The second data point, according to Nochomovitz, is the phrase on page 1,717 that reads, "Based on the applicant's estimate from FY 2019, we currently estimate that new technology add-on payments for AndexXa would increase overall FY 2020 payments by $98,755,313 (maximum add-on payment of $18,281.25 * 5,402 patients)". The reference to 5,402 patients appears to provide insight into market uptake for 2019, says the analyst. He believes the figure points to $145M in 2019 revenue, assuming a $28,125 average price and 95% gross-to-net, which he notes is well above the consensus of $115M. Nochomovitz keeps a Buy rating on Portola with a $50 price target.

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PTLA Portola Pharmaceuticals
$35.36

0.87 (2.52%)

12/31/18
WBLR
12/31/18
NO CHANGE
WBLR
Portola approval opens blockbuster opportunity, says William Blair
William Blair analyst Matt Phipps says today's FDA approval of Portola Pharmaceuticals' generation 2 manufacturing for Andrexxa opens up a blockbuster opportunity for the company. The stock closed the trading day up 14% to $19.52. Phipps has an Outperform rating on Portola.
01/02/19
WBLR
01/02/19
NO CHANGE
WBLR
William Blair sees blockbuster opportunity for Portola following approval
William Blair analyst Matt Phipps believes Monday's FDA approval of Portola Pharmaceuticals' second-generation manufacturing process of Andexxa opens up a blockbuster opportunity for the company. Given the new supply source, Portola is now on track to significantly broaden the launch of Andexxa in 2019, Phipps told investors in a research note on Monday night. He believes "solid execution" on the commercial front will drive Andexxa sales and shareholder value. He sees additional upside from approval of Andexxa in patients requiring emergency surgery and acute major bleeding on additional anticoagulants, such as edoxaban and enoxaparin, creating a blockbuster opportunity. The analyst keeps an Outperform rating on Portola Pharmaceuticals.
03/04/19
OPCO
03/04/19
NO CHANGE
Target $42
OPCO
Outperform
Portola Pharmaceuticals price target raised to $42 from $30 at Oppenheimer
Oppenheimer analyst Jay Olson raised his price target for Portola Pharmaceuticals to $42 from $30 as the company's update highlights increased focus on the U.S. Andexxa launch, positive CHMP opinion for andexanet in Europe, feedback from end of Phase 2 meeting with FDA for cerdulatinib, and $125M debt financing agreement. The analyst views all of these items as positives for Portola Pharmaceuticals' shareholders and reiterates an Outperform on the stock.
03/29/19
SBSH
03/29/19
NO CHANGE
SBSH
Buy
Citi says own Portola for Andexxa launch after doctor survey
Citi analyst Yigal Nochomovitz says his 100 physician survey spanning indicates consensus estimates for Andexxa are too low and that shares of Portola Pharmaceuticals remain a buy. The analyst believes the launch can beat 2019 consensus by a "substantive margin," or up to $40M. He tells investors to "own the launch" and keeps a Buy rating on Portola Pharmaceuticals.

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