Intercept Pharmaceuticals (ICPT) Target Lifted to $320 at Needham & Company

January 10, 2014 7:42 AM EST
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Price: $115.80 --0%

Rating Summary:
    17 Buy, 3 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Needham & Company analyst Alan Carr reiterated a Buy rating and boosted his price target on Intercept Pharmaceuticals (NASDAQ: ICPT) from $55 to $320.

Carr comments: "Intercept provided a corporate update yesterday, highlighted by a surprisingly strong efficacy signal seen in an interim analysis of the Phase 2 Obeticholic Acid (OCA) trial in NASH. The trial was stopped early as a result. Positive final results from Phase 2 OCA trials in Portal Hypertension (PESTO) and Bile Acid Diarrhea (OBADIAH) were also announced. Results from the Phase 3 OCA trial in PBC are expected in 2Q14 (unch) and we expect NDA/MAA submissions in 4Q14. We reiterate BUY rating and, given success yesterday in NASH, we are raising target to $320, 25x our 2020 EPS estimate, discounted 25%. The new data point to broad utility in liver (and possibly GI) disease."

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 $275.87 yesterday.

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