Intercept Pharmaceuticals (ICPT) PT Lifted to $456 at Nomura Amid Positive Top-Line FLINT Data

Nomura Securities analyst M. Ian Somaiya reiterated a Buy rating on Intercept Pharmaceuticals (NASDAQ: ICPT) and boosted his price target to $456.00 (from $323.00) ) following positive top-line FLINT data.

Somaiya commented, "The results greatly de-risk the regulatory process for OCA in NASH and could support FDA approval with FLINT representing one of two pivotal trials, which was the basis of our recent upgrade. Based on insights we have gained into the regulatory environment, FLINT’s improvement in NAS (primary endpoint) and improvement in fibrosis combined with a much better-than-expected safety profile could pave the way for a 2016 approval, 3 years ahead of our estimates, supporting our Bull-Case scenario and Bull-Case $633 TP. Our only disappointment in the trial was a trend in NASH resolution, a key secondary endpoint for the FDA. But this is likely a result of enrollment of patients without fibrosis at baseline. FY14E EPS at ($3.67); FY15E EPS at ($5.76)."

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 $237.18 yesterday.

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