Portage Biotech (NASDAQ:PRTG) Price Target Cut to $22.00

Portage Biotech (NASDAQ:PRTGGet Rating) had its target price trimmed by HC Wainwright from $32.00 to $22.00 in a research report sent to investors on Tuesday morning, The Fly reports. The firm currently has a buy rating on the stock.

Separately, Oppenheimer began coverage on Portage Biotech in a report on Friday, July 15th. They issued a buy rating and a $26.00 price objective for the company.

Portage Biotech Price Performance

NASDAQ PRTG opened at $6.87 on Tuesday. Portage Biotech has a fifty-two week low of $4.62 and a fifty-two week high of $23.99. The stock has a market capitalization of $116.41 million, a PE ratio of -5.92 and a beta of 1.81. The business has a fifty day moving average price of $8.54 and a two-hundred day moving average price of $7.82.

Portage Biotech (NASDAQ:PRTGGet Rating) last announced its quarterly earnings results on Monday, August 29th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.22. As a group, sell-side analysts expect that Portage Biotech will post -0.95 earnings per share for the current year.

Institutional Trading of Portage Biotech

A number of institutional investors and hedge funds have recently bought and sold shares of PRTG. Goldman Sachs Group Inc. acquired a new stake in Portage Biotech during the 2nd quarter worth about $79,000. Citadel Advisors LLC acquired a new stake in Portage Biotech during the 2nd quarter worth about $137,000. Millennium Management LLC acquired a new stake in Portage Biotech during the 2nd quarter worth about $92,000. Beacon Investment Advisory Services Inc. acquired a new stake in Portage Biotech during the 2nd quarter worth about $80,000. Finally, Renaissance Technologies LLC grew its holdings in Portage Biotech by 36.6% during the 1st quarter. Renaissance Technologies LLC now owns 37,300 shares of the company’s stock worth $245,000 after acquiring an additional 10,000 shares during the period. 0.97% of the stock is currently owned by institutional investors and hedge funds.

About Portage Biotech

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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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