This Analyst Bullish On Intercept Pharmaceuticals Inc (ICPT) Long-Term

Intercept Pharmaceuticals Inc (NASDAQ:ICPT) shares rose as much as 9% during Friday’s trading session, after the drug maker announced changes to its ongoing Ocaliva Phase 3 trial in NASH that increase probability of completing enrollment for interim analysis by mid-2017.

For Cowen analyst Ritu Baral this is a pleasant surprise, and as such, the analyst reiterates an Outperform rating on ICPT with a price target of $225, which implies an upside of 89% from current levels.

Baral noted, “While enrollment has been much slower than anticipated (likely due to high screen failure rates), the changes allow for generally similar primary endpoint powering with a substantially smaller cohort size: 750 vs the original 1400. We continue to model top line data in early 2019.”

“In these talks with FDA, ICPT also set the formal definition of the NASH resolution endpoint to an objective, state of the art KOL consensus level […] this definition together with change in primary analysis should boost odds of REGENERATE interim success, although again, we are leaving our OCA odds of success unchanged,” the analyst added.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a yearly average return of 5% and a 40% success rate. Baral has a -22.8% average return when recommending ICPT, and is ranked #783 out of 4395 analysts.

Out of the 20 analysts polled in the past 12 months, 12 rate Intercept Pharmaceuticals stock a Buy, four rate the stock a Hold and four recommend to Sell. With a return potential of 59%, the stock’s consensus target price stands at $188.94.


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