Portola Pharmaceuticals (PTLA) PT Raised to $65 at Cowen

Cowen analyst Phil Nadeau reiterated an Outperform rating and boosted his price target on Portola Pharmaceuticals (NASDAQ: PTLA) to $65.00 (from $45.00) following Q2 results. The analyst notes the Andexanet FDA filing is on track for year end.

Nadeau commented, "Portola remains well funded with $408MM in cash as of the end of Q2. Andexanet's BLA is on track for YE:15, with data from the infusion portion of ANNEXA-R expected this month. Enrollment in betrixaban's APEX Phase III was expanded, but results remain on track for early 2016. We are raising our price target from $45 to $65 to reflect the progress of PTLA's pipeline."

For an analyst ratings summary and ratings history on Portola Pharmaceuticals click here. For more ratings news on Portola Pharmaceuticals click here.

Shares of Portola Pharmaceuticals closed at $51.30 yesterday.

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