Deutsche Bank Maintains Buy On Intercept On The Back Of FDA Breakthrough Designation Status
In a research report released Friday, Deutsche Bank analyst Alethia Young maintained a Buy rating on Intercept Pharma (NASDAQ:ICPT) with a price target of $300, following the news that the FDA has given the breakthrough therapy designation to the company’s investigational product obeticholic acid (OCA) for the treatment of patients with nonalcoholic steatohepatitis (NASH) with liver fibrosis.
Young noted, “Intercept announced breakthrough designation for OCA NASH – incremental positive, should increase some confidence in NASH. This news basically supports that adv NASH is a real market opportunity where the FDA sees the need for therapies. Criteria for breakthrough: serious/life threatening and credible evidence that therapy has advantage over existing ones. This is the first time that the FDA has acknowledged that advanced NASH is serious disease that needs therapies.”
Intercept Pharmaceuticals, Inc., a development stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics to treat chronic liver and intestinal diseases utilizing its proprietary bile acid chemistry.