Altium Capital Management LP purchased a new position in Portage Biotech Inc. (NASDAQ:PRTG) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 75,000 shares of the company’s stock, valued at approximately $1,572,000.
Several other large investors have also recently modified their holdings of PRTG. Deutsche Bank AG acquired a new stake in shares of Portage Biotech in the second quarter worth approximately $45,000. New York State Common Retirement Fund acquired a new stake in shares of Portage Biotech in the second quarter worth approximately $82,000. JPMorgan Chase & Co. acquired a new position in Portage Biotech during the second quarter worth $99,000. Morgan Stanley acquired a new position in Portage Biotech during the first quarter worth $225,000. Finally, Vanguard Group Inc. acquired a new position in Portage Biotech during the second quarter worth $275,000. 7.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PRTG stock traded up $0.29 on Thursday, hitting $21.30. The stock had a trading volume of 262 shares, compared to its average volume of 33,634. The firm has a market capitalization of $283.84 million and a P/E ratio of -15.56. Portage Biotech Inc. has a 1 year low of $8.74 and a 1 year high of $44.98. The company’s 50 day moving average price is $19.70 and its 200-day moving average price is $24.03.
A number of equities research analysts have commented on PRTG shares. B. Riley started coverage on Portage Biotech in a research report on Thursday, September 2nd. They issued a “buy” rating and a $40.00 target price on the stock. Oppenheimer started coverage on Portage Biotech in a research report on Monday, September 20th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, Cantor Fitzgerald started coverage on Portage Biotech in a research report on Thursday, August 19th. They issued an “overweight” rating and a $35.00 target price on the stock.
Portage Biotech Profile
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.
Further Reading: When can a hold rating present a buying opportunity?
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