Portola Pharmaceuticals shares surged more than 11% intraday, touching their highest level since January 2016, after the company reported late Monday a Q1 loss of $0.74 per diluted share compared with a loss of $1.15 per share a year ago, beating the $0.81 average loss-per-share estimate from analysts polled by Capital IQ.
Total revenue slumped to $5.1 million from $8.3 million a year ago, but still coming in above the $4.2 million consensus. During Q1, the company said in a statement, it continued to focus on regulatory activities for betrixaban and AndexXa. “Our goal is to gain approval for both products this year in the United States and in 2018 in the European Union,” said CEO Bill Lis. “Both are highly anticipated by the medical community because they are potentially life-saving medicines in indications where currently there are no approved therapies.”
The new 52-week price range for the shares is $15.68 – $41.69.