Portola Pharmaceuticals Inc (NASDAQ: PTLA) is having an incredibly strong start to the trading session this morning, and for good reason. The company reported its earnings, blowing expectations out of the water. Of course, the news excited investors who are pushing the stock on a run for the top. Today, we’ll talk about:
- What we saw from the earnings report;
- what we’re seeing from PTLA stock today; and
- what we’ll be watching for ahead.
PTLA Reports Strong Financial Results
As mentioned above, Portola Pharmaceuticals is flying in the market this morning after reporting its earnings. Here’s what we saw from the report:
- Revenue – In terms of revenue, PTLA did incredibly well. During the quarter, the company generated revenue of $14.2 million.
- Net Loss – Net loss also proved to be a point of excitement. During the quarter, the company generated a net loss of $71.3 million. That works out to $1.08 per share. Analysts expected that the company would generate a far wider loss at $1.54 per share.
In a statement, Scott Garland, President and CEO at PTLA, had the following to offer:
I am excited to join Portola at such a pivotal moment in the Company’s history. Having just completed my first month in role, I am very encouraged by the progress and momentum we’ve achieved since prioritizing Andexxa, including our preparations for the potential approval of Generation 2 supply in the United States and in Europe… The early feedback from our first full quarter of sales gives us confidence in the significant long-term potential for Andexxa, and we are now implementing our new focused strategy for Bevyxxa. I am also excited about the potential for cerdulatinib, which recently received Orphan Drug Designation. We have a number of critical milestones ahead that I expect we will achieve and we look forward to delivering our life-saving medications to more patients, and driving sustainable growth and value for shareholders.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Portola Pharmaceuticals, the news proved to be overwhelmingly positive. With strong earnings and progress made on the Andexxa front, investors are excited and the stock is making a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:07), PTLA is trading at $24.41 per share after a gain of $5.35 per share or 28.07% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTLA. In particular, we’re interested in following the story surrounding the company’s continued growht and progress with Andexxa. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!