Wedbush Sees First Pass Approval for Intercept's (ICPT) OCA in PBC

Wedbush analyst Liana Moussatos reiterated an Outperform rating and $493 target on Intercept Pharmaceuticals (NASDAQ: ICPT) after the company announced that the FDA has accepted the company's NDA, granted priority review, and set a PDUFA action date of Feb 29, 2016 for OCA for the treatment of primary biliary cirrhosis (PBC),

Moussatos commented, "As expected, the FDA has accepted the NDA filing for OCA in PBC. In our view, the next major catalyst is likely to be the potential announcement of an advisory committee meeting which we estimate could occur in late 2015/early 2016. We note that Intercept has said that it is preparing for an advisory committee meeting and given the wealth of evidence supporting the use of OCA in PBC, we anticipate the advisory committee meeting to occur without a hitch. With potential approval on or by Feb 29, we anticipate OCA launch in H1:2016 and project WW peak sales could reach $2.26BN in 2022."

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 $188.95 yesterday.

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• Texas Instruments (TXN) PT Raised to $175 at TD Cowen
• Craig-Hallum Assumes Guardant Health (GH) at Buy, 'We think that GH is undervalued'