Wedbush Maintains Outperform on Intercept Pharmaceuticals Inc (ICPT) on Back of FDA Priority Review for OCA
In a research report released today, Wedbush analyst Liana Moussatos maintained an Outperform rating on shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT), with a fair value estimate of $493, following the news that the FDA has accepted the company’s NDA, granted priority review, and set a PDUFA action date of Feb 29, 2016 for OCA for the treatment of primary biliary cirrhosis.
Moussatos noted, “As expected, the FDA has accepted the NDA filing for OCA in PBC. In our view, the next major catalyst is likely to be the potential announcement of an advisory committee meeting which we estimate could occur in late 2015/early 2016. We note that Intercept has said that it is preparing for an advisory committee meeting and given the wealth of evidence supporting the use of OCA in PBC, we anticipate the advisory committee meeting to occur without a hitch. With potential approval on or by Feb 29, we anticipate OCA launch in H1:2016 and project WW peak sales could reach $2.26BN in 2022.”
“We believe that first pass approval is likely based on Intercept’s data coupled with independent data from the Global PBC Study Group and UK-PBC Group confirming that lowering ALP and/or bilirubin correlate with improving transplant-free survival,” the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Liana Moussatos has a total average return of 21.1% and a 40.8% success rate. Moussatos has a 43.1% average return when recommending ICPT, and is ranked #88 out of 3743 analysts.
Out of the 17 analysts polled by TipRanks, 12 rate Intercept Pharmaceuticals stock a Buy, 4 rate the stock a Hold and 1 recommends to Sell. With a return potential of 105%, the stock’s consensus target price stands at $393.06.