Intercept Pharmaceuticals Inc (Nasdaq:ICPT), a clinical stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat neglected chronic liver diseases, today announced the completion of its previously announced underwritten public offering of 1,200,000 shares of its common stock. In addition, Intercept today announced the completion of the sale of an additional 130,865 shares of its common stock pursuant to the partial exercise of the underwriters' option to purchase additional shares.
All shares in the offering were sold by Intercept to the underwriters at a price of $276.00 per share. Net proceeds to Intercept from the sale of 1,330,865 shares of its common stock in the offering are expected to be approximately $366.8 million, after deducting estimated offering expenses.
UBS Investment Bank and Citigroup acted as underwriters in the offering. (Original Source)
Shares of Intercept closed today at $274.12, up $2.51 or 0.92%. ICPT has a 1-year high of $349.08 and a 1-year low of $128.50. The stock's 50-day moving average is $259.25 and it's 200-day moving average is $204.59.
On the ratings front, Intercept has been the subject of a number of recent research reports. In a report issued on April 1, Wedbush analyst Liana Moussatos reiterated a Buy rating on ICPT, with a price target of $493, which implies an upside of 85.2% from current levels. Separately, on March 27, MLV & Co.'s Vernon Bernardino maintained a Hold rating on the stock and has a price target of $273.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liana Moussatos and Vernon Bernardino have a total average return of 48.4% and -10.9% respectively. Moussatos has a success rate of 63.1% and is ranked #6 out of 3568 analysts, while Bernardino has a success rate of 33.3% and is ranked #3492.
Intercept Pharmaceuticals Inc is a biopharmaceutical company. The Company is engaged in the development and commercialization of novel therapeutics to treat chronic liver disease utilizing its proprietary bile acid chemistry.