BMO Capital Says Buy Intercept Pharmaceuticals (ICPT) on Weakness Related to Trial Design

BMO Capital analyst Jim Birchenough reiterated an Outperform rating and $515 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) following review of REGENERATE phase 3 trial design. The firm would be buyers on today's weakness (-11.2%).

Birchenough commented, "Following FLINT phase 2b study success we believe that REGENERATE is over-powered to demonstrate OCA benefit at ‎ reversing fibrosis and resolving NASH and view the trial as optimally designed for success. While some profit taking may not be surprising following recent ICPT share price performance, we believe that potential for earlier approval of OCA for PBC over the next 12 months represents a significant upside opportunity on what could approach a $1B opportunity itself and would be buyers on weakness."

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 $313.98 yesterday.

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