Physicians Likely To Support Portola's Betrixaban

Morgan Stanley is bullish on Portola Pharmaceuticals Inc PTLA following the FDA acceptance of betrixaban for priority review. With priority review, betrixaban will receive an accelerated assessment of six months with a PDUFA date of June 24, 2017.

Betrixaban is an oral, once-daily Factor Xa inhibitor anticoagulant, for extended-duration prophylaxis of venous thromboembolism (VTE) in acute medically ill patients with risk factors for VTE.

“We continue to believe physicians are likely to support betrixaban given the unmet need in VTE prophylaxis, however, the statistical review is likely to be the greatest area of pushback,” analyst Matthew Harrison wrote in a note.

Portola is yet to receive confirmation of an FDA advisory committee, but is expecting one to be convened. Harrison noted that the advisory committee will be key to shaping investor views of betrixaban approvability.

The stock’s next catalyst will come in the form of andexanet refilling in the second quarter 2017.

Harrison has an Overweight rating on Portola shares, with a price target of $29.

At last check, shares of Portola fell 6.46 percent to $23.44. Last Friday, the stock surged 34 percent on the FDA news to close at $25.06.