Intercept (ICPT) Price Target Raised to $400 at Deutsche Bank

Deutsche Bank maintained a Buy rating on Intercept Pharmaceuticals (NASDAQ: ICPT) and raise its price target to $400.00 (from $300.00). The change follow data from competitor Genfit yesterday.

Analyst Alethia Young said, "Genfit announced top-line results from the Golden trial in NASH patients. The trial did not hit on the prespecified endpoint due to higher than expected placebo in early NASH patients. There was no effect seen on fibrosis histology at 52 weeks. We think that OCA's profile in NASH pts with fibrosis (where ICPT has breakthrough status) is strengthened relative to the GFT-505. We also think there is less risk via less competitive and regulatory risk. We are increasing OCA's peak share in NASH F2/F3 population to 65% vs. 50% before and lowering the discount rate to 12.5% from 14%. Reiterate Buy and new TP is $400."

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 $282.69 yesterday.

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