Intercept Pharmaceuticals (ICPT) Settlement Removes Minor Overhang - BMO Capital

BMO Capital analyst M. Ian Somaiya reiterated his Outperform rating and $239 price target on Intercept Pharmaceuticals (NASDAQ: ICPT), saying today's settlement removes a minor overhang.

Somaiya commented, "We reiterate our Outperform rating on ICPT shares following announcement that Intercept has settled a class action lawsuit related to the potential material omission of information on OCA’s safety profile during the initial announcement that the FLINT Phase IIB NASH trial had been stopped early. We do not see the $55mn settlement amount ($10mn to be covered by insurance) as having a material financial impact and believe the settlement is incrementally de-risking to ICPT. We believe that Intercept is uniquely positioned given that OCA is a wholly owned Phase III asset, its position as the market leader in NASH, and OCA’s $3.7bn peak sales potential ($3.5bn in NASH). We reiterate Outperform rating and $239 price target."

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 $150.40 yesterday.

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