FBR Affirms Intercept Pharma (ICPT) at 'Market Perform'; Upside/Downside Balanced Amid Phase 3 POISE Publication
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
FBR & Co. affirms Intercept Pharma (Nasdaq: ICPT) with a Market Perform rating and $200 price target after the company announced that the New England Journal of Medicine published the key results of the Phase 3 POISE trial of Ocaliva (obeticholic acid) for the treatment of patients with primary biliary cholangitis, formerly known as primary biliary cirrhosis (PBC).
We think POISE’s publication in the NEJM could help educate healthcare providers and validate OCA as a new treatment option for PBC. We believe that upside potential and downside risk are evenly balanced in ICPT stock.
Analyses of POISE results presented in the NEJM publication include data on OCA’s effects on markers of inflammation and liver damage, as well as non-invasive measures of fibrosis. Due to the modest duration of the study (12 months), POISE was not designed to assess OCA's effects on fibrosis. Thus, although positive changes in markers of inflammation and liver damage were observed, a change in fibrosis was not expected. Notably, the levels of cleaved cytokeratin 18 (cCK18), a marker of liver cell death, decreased significantly from baseline with OCA treatment versus placebo (p<0.0001), pointing to decreased liver damage.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rosenblatt Upgrades NETGEAR (NTGR) to Buy
- F5 Networks (FFIV) PT Raised to $120 at Jefferies
- Jefferies Raises Price Target on Exelon Corp. (EXC) Following 3Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!