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, announced the pricing of an underwritten public offering of 1,200,000 shares of its common stock. The underwriters intend to offer the shares of common stock from time to time for sale in one or more transactions on The Nasdaq Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Intercept granted the underwriters 30-day option to purchase up to an additional 180,000 shares of common stock, on the same terms and conditions.
All shares in the offering are being sold by Intercept, with estimated total gross proceeds to Intercept (before deducting underwriters' discounts and commissions and estimated offering expenses) of approximately $338.4 million (or approximately $389.2 million if the underwriters exercise in full their option to purchase additional shares). The offering is expected to close on or about April 6, 2015, subject to customary closing conditions.
UBS Investment Bank and Citigroup are acting as underwriters in the offering.
The securities described above are being offered by Intercept pursuant to an automatically effective shelf registration statement on Form S-3 (including a base prospectus) previously filed with the Securities and Exchange Commission (the SEC). A preliminary prospectus supplement relating to the shares of common stock sold in this offering was filed with the SEC on March 31, 2015. A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus may be obtained from the offices of UBS Investment Bank c/o Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by calling 1-888-827-7275; or Citigroup c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone at 1-800-831-9146 or email at email@example.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. (Original Source)
Shares of Intercept closed yesterday at $295.91 . 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 $249.30 and it's 200-day moving average is $205.05.
On the ratings front, Intercept has been the subject of a number of recent research reports. In a report issued on March 27, Wedbush analyst Liana Moussatos reiterated a Buy rating on ICPT, with a price target of $493, which implies an upside of 66.6% from current levels. Separately, on the same day, Deutsche Bank's Alethia Young maintained a Buy rating on the stock and has a price target of $400.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Liana Moussatos and Alethia Young have a total average return of 51.1% and 17.5% respectively. Moussatos has a success rate of 69.1% and is ranked #3 out of 3560 analysts, while Young has a success rate of 67.5% and is ranked #414.
In total, 2 research analysts have assigned a Hold rating and 12 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $295.91 which is 40.7% above where the stock closed yesterday.
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.