Oppenheimer analyst Jay Olson maintained a Buy rating on Intercept Pharma (ICPT) today and set a price target of $175. The company’s shares opened today at $131.67, close to its 52-week high of $133.74.
Olson commented:
“Top line results from the Ph3 REGENERATE study of OCA in NASH were stat sig for Fibrosis Improvement (FI) at the 25mg dose but missed stat sig on NASH Resolution (NR) in the primary efficacy analysis population of F2 and F3 patients with a favorable numerical trend for NR. Additional analysis of the broader population including F1 patients shows the 25mg dose reached stat sig for NR. The effect size and p value for FI in the prespecified efficacy population support FDA filing which the company plans in 2H19. Questions around subgroup efficacy analyses and safety and tolerability were largely deferred to EASL where we expect to get important details. We increase our estimated POS to 90% (from 75%) driving our PT to $175 (from $140).”
According to TipRanks.com, Olson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -5.1% and a 39.2% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Intercept Pharma with a $162.79 average price target, a 23.6% upside from current levels. In a report issued on February 4, Raymond James also upgraded the stock to Buy with a $184 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 $111 million.
Based on the recent corporate insider activity of 70 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.
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