Intercept (ICPT) Waiting for Catalysts - Cowen

Intercept Pharmaceuticals (NASDAQ: ICPT) reported Q3 EPS of ($2.10) vs consensus of ($2.74). As of September 30, 2015, ICPT had cash of $695.7M and cash burn was $36.5M. The net loss increase was primarily the result of increases in G&A expenses related to ICPT's corporate and pre-commercial activities.

Intercept projects adjusted operating expenses for the year ending December 31, 2015 will be below its previous guidance of $240 million, driven primarily by the timing of hiring of personnel, certain clinical trial and related expenses, market and medical research expenses and manufacturing related purchases for OCA.

Cowen analyst Ritu Baral notes the build out of the company's commercial infrastructure is on track with the recent hiring of the U.S. territory business managers and other field personnel in October 2015, and Intercept is continuing its infrastructure expansion in clinical development, regulatory and medical affairs.

ICPT has made significant progress across numerous OCA clinical programs in 3Q, including the start of a Ph2 biliary atresia study and still plans on starting its Ph2 NASH lipids study by the end of 2015. ICPT has made significant progress across numerous OCA clinical programs in 3Q, including the start of a Ph2 biliary atresia study and still plans on starting its Ph2 NASH lipids study by the end of 2015.

Upcoming catalysts include more detail on the new/ongoing trials at ICPT's AASLD event and December Analyst event.

No change to Outperform rating and $412 PT.

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 $192.29 yesterday.

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• Boston Scientific (BSX) PT Raised to $83 at Stifel
• Danaher (DHR) PT Raised to $290 at TD Cowen