Genfit Data Not Seen as Competitive Threat to Intercept Pharmaceuticals (ICPT) - BMO Capital

BMO Capital analyst Jim Birchenough reiterated an Outperform rating and $515 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) saying clinical data from competitor Genfit (Euronext:GNFT) is not seen as a threat.

Birchenough notes in Genfit's oral dual PPAR-a/d agonist GFT505 model, Wistar rats were fed a choline-deficient L-amino acid (CDAA) diet with 1% cholesterol for 11 weeks. At the end of the treatment period, 25% of GFT505-treated rats developed NASH, compared with 91% of the control group.

"Prevention of NASH development and fibrosis progression appear less compelling than actual fibrosis reversal seen with ICPT's obeticholic acid (OCA) both pre-clinically and clinically and provide reassurance regarding a differentiated profile for the drug," Birchenough comments. "We would await actual phase 2 data for GFT505, expected in H1/15, before assessing further competitive risk but ultimately expect a drug cocktail approach to NASH treatment to push NASH resolution rates closer to the 95%-100% SVR12 rates seen with HCV combinations."

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 $133.91 yesterday.

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