Needham Reiterates Buy on Intercept Pharmaceuticals Inc Following The Release of Additional OCA NASH Phase 2 Data
In a research report released Monday, Needham analyst Alan Carr reiterated a Buy rating on Intercept Pharmaceuticals Inc (NASDAQ:ICPT) with a price target of $500, after the company presented additional OCA NASH Phase 2 trial data and hosted an analyst/investor meeting at the American Association for the Study of Liver Disease (AASLD) and Industry Colloquium.
Carr noted, "An ad-hoc analysis of the trial revealed OCA-induced increases in LDL were partially mitigated by statins, whether administered at baseline or later after trial initiation. In a second presentation, OCA also demonstrated clear statistically significant activity on key endpoints (including fibrosis) in high-risk patients, the target population for the upcoming Phase 3 trial. We expect initiation by mid-2015. There were no surprises with respect to KOL perspective around PBC or NASH trial design/endpoints at the mtg. We reiterate our BUY and $500 price target. We believe the stock is undervalued given proximity to OCA commercialization in PBC and scale of commercial opportunity in NASH."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Alan Carr has a total average return of 45.2% and a 75.9% success rate. Carr has a 96.2% average return when recommending ICPT, and is ranked #7 out of 3544 analysts.