Baird Maintains Bullish View on Intercept Pharmaceuticals (ICPT), Concerns Overblown
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Baird analyst Brian Skorney reiterated his Outperform rating and $332 price target on Intercept Pharmaceuticals (NASDAQ: ICPT), saying concerns are overblown
Skorney commented, "Intercept reported $4.7M in sales for Ocaliva's first full quarter on the market, modestly outshining estimates. We actually think consensus numbers are currently underestimating 4Q sales potential. That said, news that NASH enrollment has been slow set off fears that the 1H17 interim enrollment timeline could be missed. That would mean higher spend for the company (which is sitting on nearly $400M in net cash), it doesn't hurt ICPT's competitive positioning, so we think the reaction here is overblown."
Shares of Intercept Pharmaceuticals closed at $117.55 yesterday.
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