Portola Pharmaceuticals, Inc. (NASDAQ: PTLA)
Portola Pharmaceuticals, Inc. (PTLA), a biopharmaceutical company today announced that the second part of their Phase 3 study for their drug ANNEXA (™) reached all primary and secondary endpoints. ANNEXA (Andexanet alfa), is a recombinant protein specifically designed to reverse the anticoagulant activity, which can directly help patients suffering a major bleeding episode or that require emergency surgery.
Portola Pharmaceuticals, Inc. Executive VP’s Comments
“These positive topline data from Part 2 of the ANNEXA-R study mark the successful completion of our Phase 3 clinical program for andexanet alfa. We believe that the findings support the potential of andexanet alfa to become the first approved universal reversal agent for Factor Xa inhibitors and a standard of care to manage major bleeding associated with these novel anticoagulants,” said John T. Curnutte, M.D., Ph.D., executive vice president, research and development for Portola “We now have results from both parts of each of our two Phase 3 ANNEXA studies and four parts of our Phase 2 proof-of concept, dose-finding study demonstrating that andexanet alfa can rapidly reverse the anticoagulation activity of oral and injectable Factor Xa inhibitors and sustain that reversal.” Globe Newswire
PTLA Technical Analysis
PTLA gapped up in price yesterday to $50.00 up from the prior days close of $49.46 which is a 1% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was back on August 11 when it traded at $50.25. Taking a further look back on the chart we can see a double top formation on August 4 and August 11 when the stock traded at $51.30 and $51.47. This seems to be the first logical resistance level for the stock. The stock does a have a higher float of 45.45 million shares than is ideal for the gap and go strategy but it does have a short float of 10.94%. The stock did reach pre market highs of $51.96 meaning that it gave back $1.96 at the open, or equivalent to 4%. For trading purposes, my entry point would be $50.10 looking for a run to the resistance level of $51.30. My stop loss would be $49.90, $0.10 below the gap up price fearing anything below that and the stock will start to head lower.
Portola Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes therapeutics for patients in the areas of thrombosis, other hematologic disorders, and inflammation. Its lead compound, Betrixaban, is an oral, once-daily Factor Xa inhibitor in Phase III clinical trial for venous thromboembolism prophylaxis in acute medically ill patients in-hospital and post discharge. The companys other lead development candidate, Andexanet alfa, a recombinant protein that is in Phase III registration studies designed to reverse the anticoagulant activity in patients treated with a Factor Xa inhibitor who suffer an uncontrolled bleeding episode or undergo emergency surgery. It has collaboration agreements with Biogen Idec Inc.; Bristol-Myers Squibb Company; Pfizer Inc.; Bayer Pharma, AG; Janssen Pharmaceuticals, Inc.; Daiichi Sankyo, Inc.; and Lees Pharmaceutical (HK) Ltd. The company is also developing Cerdulatinib, which is in Phase I/IIa proof-of-concept study, an orally available kinase inhibitor that inhibits spleen tyrosine kinase and janus kinases enzymes, which regulate signaling pathways, as well as for hematologic, or blood, cancers, and inflammatory disorders. In addition, it is involved in the development of PRT2607, a selective Syk inhibitor. The company was founded in 2003 and is headquartered in South San Francisco, California. Yahoo Finance