Portage Biotech (NASDAQ:PRTG) Rating Increased to Buy at Zacks Investment Research

Portage Biotech (NASDAQ:PRTGGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $6.25 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.60% from the stock’s previous close.

According to Zacks, “Portage Biotech Inc. is a clinical stage immuno-oncology company focused on overcoming immune resistance. The company source, nurture and develop therapies for a variety of cancers. Its drug development pipeline portfolio encompasses products or technologies with established scientific rationales, including intratumorals, nanoparticles, liposomes, aptamers, cell penetrating peptides, and virus-like particles. Portage Biotech Inc. is based in Tortola, British Virgin Islands. “

Separately, HC Wainwright initiated coverage on shares of Portage Biotech in a research report on Monday, March 7th. They set a “buy” rating and a $32.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $28.65.

NASDAQ:PRTG opened at $5.36 on Tuesday. Portage Biotech has a 12 month low of $4.62 and a 12 month high of $44.98. The firm has a fifty day simple moving average of $6.93 and a 200-day simple moving average of $11.41.

Portage Biotech (NASDAQ:PRTGGet Rating) last posted its quarterly earnings data on Thursday, February 24th. The company reported ($0.26) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.02. On average, equities analysts predict that Portage Biotech will post -1.06 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRTG. BlackRock Inc. increased its holdings in Portage Biotech by 19.7% in the third quarter. BlackRock Inc. now owns 213,123 shares of the company’s stock valued at $4,331,000 after buying an additional 35,096 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Portage Biotech in the fourth quarter valued at $293,000. Millennium Management LLC increased its holdings in Portage Biotech by 141.8% in the third quarter. Millennium Management LLC now owns 28,210 shares of the company’s stock valued at $573,000 after buying an additional 16,543 shares in the last quarter. Beacon Investment Advisory Services Inc. purchased a new position in Portage Biotech in the fourth quarter valued at $122,000. Finally, Sigma Planning Corp purchased a new position in Portage Biotech in the first quarter valued at $75,000. 4.57% of the stock is owned by institutional investors.

About Portage Biotech (Get Rating)

Portage Biotech Inc, together with its subsidiaries, researches and develops pharmaceutical and biotechnology products. The company's product includes IMM60, an iNKT cell activator; IMM65, a PLGA-nanoparticle combined with a NY-ESO-1 peptide vaccine; INT230-6 that is in Phase I/II clinical trials for the treatment of solid tumors; STING, a small molecule that binds to the stimulator of interferon genes in cancer; CellPorter, a cell permeable peptide platform technology derived from human proteins; PPL-003, an ophthalmic solution; and SBI-101, a blood-conditioning technology to restore balance to the immune system after acute vital organ injury, such as acute kidney injury.

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