Update: Portola Reports Positive Phase 3 Results And A Secondary Stock Offering
- Two material events have moved shares of development-stage Portola in opposing directions.
- First, the company reported strongly positive results in its first Phase 3 study of its anticoagulant reversal agent, andexanet - and the stocked jumped.
- After announcing the good news, a secondary stock offering was announced, priced under the market price at the time - and the stock dropped (then popped).
- The positive Phase 3 data was in line with my expectation expressed in my July article.
- The equity raise was not previously addressed by me, but the need for additional capital should be no surprise, and I remain long this risky stock with patience.