On 12 Dec 2019, Portola Pharmaceuticals, Inc. stock identified change of 81.63% away from 52-week low price and recently located move of -29.12% off 52-week high price. PTLA stock has been recorded -4.42% away from 50 day moving average and -9.27% away from 200 day moving average. Moving closer, we can see that shares have been trading -4.64% off 20-day moving average.
Portola Pharmaceuticals, Inc.® (PTLA) recently stated financial results for the three months ended September 30, 2019, and provided a corporate update.
For the third quarter of 2019, contrast to the same period in 2018:
Research and development (R&D) expenses reduced by $14.6M, or 36.3%, primarily Because of the manufacturing costs for Andexxa Gen 2 being capitalized and no longer flowing through R&D.
Selling, general and administrative (SG&A) expenses increased by $13.3M, or 34.2%, Because of commercial costs to support the Andexxa launch including the expansion of the field sales teams and launch preparations in Europe.
Cost of Sales (COS) were $2.7M for the third quarter of 2019, contrast to $4.3M for the same period in 2018. This decrease was primarily Because of transition from our Gen 1 to our Gen 2 Andexxa product.
These amounts on a GAAP and non-GAAP basis are reflected in the table below. A table reflecting the reconciliation of GAAP to non-GAAP amounts is included at the end of this release.
Cash, Cash Equivalents and Investments:
Cash, cash equivalents and investments at September 30, 2019, totaled $476.8M, contrast with $317.0M as of December 31, 2018. During the third quarter, the Company added net proceeds of $245M in connection with the follow on offering of the Company’s ordinary stock.
Recent Achievements and Events
Ondexxya released with $2.7M of European net sales in the third quarter of 2019.
Andexxa added to the Veteran’s Health Administration national formulary, making access to 170 VA hospitals across the U.S. possible.
Andexxa recommended as first line therapy by The American Academy of Family Physicians (AAFP).
Centers for Medicare and Medicaid Services (CMS) New Technology Add-on Payment (NTAP) reimbursement for Andexxa increased from 50% to 65% effective on October 1, 2019.
Presented sub-analysis of ANNEXA-4 study at the American College of Gastroenterology yearly meeting, highlighting the efficacy and safety of Andexxa in Factor Xa patients with acute gastrointestinal bleeding, which demonstrated excellent or good hemostasis achieved in 82% of evaluable patients.
Net proceeds of $245M raised in a public offering of the Company’s ordinary stock.
The Healthcare sector company, Portola Pharmaceuticals, Inc. noticed change of -0.92% to $26.9 along volume of 794399 shares in recent session compared to an average volume of 773.38K. PTLA’s shares are at -12.32% for the quarter and driving a 24.71% return over the course of the past year and is now at 37.81% since this point in 2018. The average volatility for the week at 3.64% and for month was at 3.33%. There are 75.53M shares outstanding and 75.53M shares are floated in market. Right now the stock beta is 2.06.