Needham & Company Positive on Intercept Pharma (ICPT); Expects Initial Ocaliva Uptake to be 'Strong'

Needham & Company affirms Intercept Pharma (Nasdaq: ICPT) at Buy with a price target of $350 after the company received FDA approval for Ocaliva for the treatment of Primary Biliary Cholangitis (PBC), either in combination with ursodeoxycholic acid (UDCA) in patients with an inadequate one-year response to UDCA or as monotherapy in patients that do not tolerate UDCA.

Analyst Alan Carr commented today: We note the FDA included patients with Class B moderate and Class C severe hepatic impairment in the label. Mgmt announced pricing of $69,350/ yr ($5700/ mo), just above our $60,000 and consensus $68,000 estimates, and plans to launch the drug in about one week. Although the company has guided for a slow sales ramp, we believe initial uptake may be strong given our recent discussion w/ KOL Doug Dieterich. We believe WW peak sales in PBC may be in the range of $500-$750M (unch).

For an analyst ratings summary and ratings history on Intercept Pharmaceuticals click here. For more ratings news on Intercept Pharmaceuticals click here.

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