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Portola Pharmaceuticals Inc (PTLA): This Hedge Fund is Loading Up Following Stock’s Weakness

It’s been a disastrous year for Portola Pharmaceuticals Inc (NASDAQ:PTLA) thus far, as the company has shed over 60% of its value year-to-date. However, far from spurring investors to flee the stock, it appears to have created a great buy-low opportunity, as evidenced by James Flynn‘s Deerfield Management hiking its stake in the company to 3.09 million shares as of March 24. That’s the same day that shares cratered by over 25% after the company announced that results from a phase III trial showed that its blood-clot treatment betrixaban had failed to show any statistical improvement over the current standard treatment for the condition, Lovenox. Shares fell by another 6% on March 28.

Deerfield’s updated position represents a big hike from the 683,749 shares of Portola Pharmaceuticals Inc (NASDAQ:PTLA) that it owned on December 31. It was one of 24 hedge funds in our database that were long the stock at that time, with Jason Karp’s Tourbillon Capital and Samuel Isaly’s OrbiMed Advisors among the other investors with long positions in it.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Deerfield Mgmt 0 3,089,785 0 3,089,785 3,089,785 5.48%
Deerfield Management Company 0 3,089,785 0 3,089,785 3,089,785 5.48%
Deerfield Partners 0 1,340,437 0 1,340,437 1,340,437 2.38%
Deerfield Special Situations Fund 0 43,337 0 43,337 43,337 0.08%
James E. Flynn
James E. Flynn
Deerfield Management

Page 1 of 12 – SEC Filing

(Rule 13d-102)
(Amendment No. ) *

Portola Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)


(CUSIP Number)

March 24, 2016

(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
          o Rule 13d-1(b)
          x Rule 13d-1(c)
          o Rule 13d-1(d)
(Page 1 of 12 Pages)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
     The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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