After speaking to management, Citi analyst Yigal Nochomovitz expects Portola Pharmaceuticals' AndexXa to be approved on or before the new FDA action date of May 4, 2018.

The additional data, which led to the 90 day delay, pertain, at least in part, to an update on thrombotic events in ANNEXA-4 since the last cut, Nochomovitz tells investors in a research note.

The analyst believes the FDA may be using the new data submitted to refine label language on when to recommend restarting anti-coagulation. He says he would be "very surprised" if the FDA cannot reach a positive decision without a panel hearing. Nochomovitz keeps a Buy rating on Portola with a $74 price target. The stock closed yesterday down 2% to $47.82.