Oppenheimer analyst Jay Olson upgraded Intercept Pharma (ICPT) to Buy yesterday and set a price target of $140. The company’s shares closed on Friday at $102.70.
Olson said:
“We upgrade ICPT to Outperform based on our view that ICPT is increasingly likely to have a first-in-class and potentially best-in-class FXR agonist for NASH. We came away from AASLD with the perceptions that: 1) OCA is likely to achieve stat sig on both primary endpoints in REGENERATE; 2) OCA-associated pruritus is likely to be minimized by titrating from 10mg to 25mg in NASH patients; 3) OCA-associated LDL- c increases can be managed with statins; and 4) Next-generation FXR agonists are unlikely to eliminate pruritus or LDL-c increases. Based on these observations, we increase our probability of success for OCA from 50% to 75% in NASH driving our PT from $100 to $140 and rating to Outperform. Details below.”
According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -9.1% and a 32.8% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Currently, the analyst consensus on Intercept Pharma is a Moderate Buy with an average price target of $140.81, representing a 37.1% upside. In a report issued on November 6, Wedbush also reiterated a Buy rating on the stock with a $220.48 price target.
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Based on Intercept Pharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $64.45 million. In comparison, last year the company had a GAAP net loss of $72.6 million.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock.
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Intercept Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the research, development, and commercialization of novel therapeutics in treating chronic liver diseases. Its product pipeline is OCALIVA which is used for the treatment of primary biliary cholangitis, nonalcoholic steatohepatitis, primary sclerosing cholangitis, and biliary atresia. The company was founded by Mark E. Pruzanski and Roberto Pellicciari on September 4, 2002 and is headquartered in New York, NY.
