Oppenheimer Sticks to Its Hold Rating for Intercept Pharma


In a report released yesterday, Jay Olson from Oppenheimer maintained a Hold rating on Intercept Pharma (NASDAQ: ICPT), with a price target of $100. The company’s shares closed yesterday at $96.

Olson observed:

“We update our ICPT model to reflect the latest script data and recent price increase for Ocaliva. We look forward to 2Q results and business update as ICPT continues to rebuild the PBC business in the wake of the FDA safety communication that derailed Rx growth in 2017. As Ocaliva scripts stabilize, we believe the outlook for ICPT continues to shift from PBC to NASH, where investors seem to grow increasingly optimistic ahead of Ph3 REGENERATE results in 2019. We believe this shift in focus helps explain the recent outperformance of ICPT shares, which are up 60% YTD compared to the NBI up 10% and S&P 500 up 5%. We introduce a PT of $100 and maintain our Perform rating based on valuation.”

According to TipRanks.com, Olson is a 2-star analyst with an average return of 1.0% and a 48.1% 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 $120.33.

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Based on Intercept Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $81.59 million. In comparison, last year the company had a GAAP net loss of $86.56 million.

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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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