Published on 16 Dec 2022 on Zacks via Yahoo Finance

How Much Upside is Left in Portage Biotech Inc. (PRTG)? Wall Street Analysts Think 160%

Shares of Portage Biotech Inc. (PRTG) have gained 8.6% over the past four weeks to close the last trading session at $7.44, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $19.33 indicates a potential upside of 159.8%.

The average comprises three short-term price targets ranging from a low of $18 to a high of $22, with a standard deviation of $2.31. While the lowest estimate indicates an increase of 141.9% from the current price level, the most optimistic estimate points to a 195.7% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.