BlackRock Inc. Grows Holdings in Portola Pharmaceuticals Inc (PTLA)

BlackRock Inc. grew its position in shares of Portola Pharmaceuticals Inc (NASDAQ:PTLA) by 12.5% during the second quarter, HoldingsChannel reports. The firm owned 5,251,512 shares of the biopharmaceutical company’s stock after acquiring an additional 583,581 shares during the quarter. BlackRock Inc. owned approximately 0.08% of Portola Pharmaceuticals worth $198,351,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PTLA. Kornitzer Capital Management Inc. KS increased its position in shares of Portola Pharmaceuticals by 9.0% during the second quarter. Kornitzer Capital Management Inc. KS now owns 1,166,721 shares of the biopharmaceutical company’s stock worth $44,067,000 after acquiring an additional 96,777 shares during the period. Fred Alger Management Inc. increased its position in shares of Portola Pharmaceuticals by 15.3% during the second quarter. Fred Alger Management Inc. now owns 1,036,073 shares of the biopharmaceutical company’s stock worth $39,132,000 after acquiring an additional 137,434 shares during the period. Zevenbergen Capital Investments LLC increased its position in shares of Portola Pharmaceuticals by 8.4% during the first quarter. Zevenbergen Capital Investments LLC now owns 829,525 shares of the biopharmaceutical company’s stock worth $27,092,000 after acquiring an additional 64,050 shares during the period. Northern Trust Corp increased its position in shares of Portola Pharmaceuticals by 0.5% during the first quarter. Northern Trust Corp now owns 737,950 shares of the biopharmaceutical company’s stock worth $24,101,000 after acquiring an additional 3,880 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Portola Pharmaceuticals by 3.1% during the first quarter. JPMorgan Chase & Co. now owns 670,274 shares of the biopharmaceutical company’s stock worth $21,891,000 after acquiring an additional 20,010 shares during the period. Institutional investors own 94.25% of the company’s stock.

PTLA has been the topic of a number of recent research reports. Oppenheimer set a $60.00 price objective on Portola Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, September 20th. Credit Suisse Group raised Portola Pharmaceuticals from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $28.00 to $34.00 in a research report on Monday, August 27th. Morgan Stanley cut their price objective on Portola Pharmaceuticals from $45.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Monday, August 13th. Zacks Investment Research raised Portola Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, August 4th. Finally, BidaskClub lowered Portola Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Portola Pharmaceuticals currently has an average rating of “Hold” and an average target price of $52.17.

In other Portola Pharmaceuticals news, Director Jeffrey W. Bird bought 390,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were purchased at an average price of $25.84 per share, with a total value of $10,077,600.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey W. Bird bought 137,563 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was acquired at an average cost of $25.17 per share, for a total transaction of $3,462,460.71. The disclosure for this purchase can be found here. Corporate insiders own 4.60% of the company’s stock.

NASDAQ:PTLA opened at $27.15 on Tuesday. The firm has a market capitalization of $1.82 billion, a P/E ratio of -5.65 and a beta of 1.70. The company has a debt-to-equity ratio of 0.91, a quick ratio of 6.59 and a current ratio of 6.69. Portola Pharmaceuticals Inc has a 12 month low of $24.63 and a 12 month high of $56.70.

Portola Pharmaceuticals (NASDAQ:PTLA) last posted its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($1.61) EPS for the quarter, missing the consensus estimate of ($1.49) by ($0.12). The business had revenue of $4.01 million during the quarter, compared to analysts’ expectations of $6.35 million. Portola Pharmaceuticals had a negative net margin of 1,503.29% and a negative return on equity of 111.64%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the company earned ($1.22) EPS. analysts predict that Portola Pharmaceuticals Inc will post -5.77 EPS for the current fiscal year.

Portola Pharmaceuticals Profile

Portola Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics in the areas of thrombosis, other hematologic disorders, and inflammation. The company is developing Betrixaban, an oral once-daily Factor Xa inhibitor for hospital and extended duration prophylaxis of venous thromboembolism in adults hospitalized for an acute medical illness; Andexanet alfa, a recombinant protein that is in Phase III study for reverse anticoagulant activity in patients treated with fXa inhibitor; and Cerdulatinib, a spleen tyrosine kinase inhibitor, which is in Phase IIa clinical stage to treat hematologic cancers.

Further Reading: Diversification in Investing

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Institutional Ownership by Quarter for Portola Pharmaceuticals (NASDAQ:PTLA)

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