Intercept Pharmaceuticals (ICPT) PT Comes Down to $239 at Wedbush Following OCALIVA Approval

Wedbush analyst Liana Moussatos reiterated an Outperform on Intercept Pharmaceuticals (NASDAQ: ICPT) while converting to a 12-month price target of $239.00 (from acquisition value of $423.00) after the company anounced U.S. approval of obeticholic acid (OCA) as OCALIVA™ for primary biliary cholangitis (PBC).

While management guided to an initial gradual launch, they project gross peak annual sales of over $1.6 billion in 2022 and profitability in 2019. The next catalyst is U.S. launch in early June.

"We believe FY:16 consensus estimates for OCALIVA™ sales are achievable and with additional catalysts on the horizon we see ICPT as an attractive investment," the analyst said.

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 $141.77 yesterday.

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