Allergan's (AGN) Tobira (TBRA) Deal Highlights Intercept (ICPT) and NASH Opportunity - Baird

September 20, 2016 10:27 AM EDT
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Price: $105.42 -4.29%

Rating Summary:
    16 Buy, 4 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 13
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Baird analyst Brian Skorney reiterated his Outperform rating and $332 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) after Allergan announced plans to acquire micro-cap Tobira (TBRA), for up to $1.7B.

Skorney commented, "The company's lead asset, cenicriviroc (CVC), has been in development for nearly ten years, originally as an HIV therapeutic, and is now in a Phase 2b study in NASH. Allergan cited the NASH opportunity as the sole driver for the deal. With an upfront payment 500% higher than yesterday's share price for TBRA, we can't help but question whether ICPT is undervalued by those metrics."

For an analyst ratings summary and ratings history on Intercept Pharmaceuticals click here. For more ratings news on Intercept Pharmaceuticals click here.

Shares of Intercept Pharmaceuticals closed at $156.74 yesterday.

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