Portage Biotech price target lowered to $18 from $26 at Cantor Fitzgerald

Cantor Fitzgerald analyst Li Watsek lowered the firm’s price target on Portage Biotech to $18 from $26 and keeps an Overweight rating on the shares. Portage reported Q1 results and maintained its guidance of nine proof-of-concept Phase 1b/2 data updates over the next two years that it believes can drive key value creation, Watsek tells investors in a research note, adding that 2022 is a "foundation year" for Portage. The analyst expects multiple inflection points in 2023.