Intercept (ICPT) 'On-Time' PBC Filing De-Risks US 2016 Launch Timelines, UBS Says

UBS analyst Matthew Roden reiterated his Buy rating and $465 price target on Intercept Pharmaceuticals (NASDAQ: ICPT), saying the On-time filing in PBC de-risks US 2016 launch timelines.

Roden commented, "We are maintaining our Buy rating and $465 PT following Intercept's submission of its New Drug Application (NDA) to the FDA within its 3Q timing guidance for obeticholic acid (OCA) for the treatment of primary biliary cirrhosis (PBC). We think PBC provides better-than-consensus downside protection under the theoretical scenario that NASH fails (not likely) by virtue of the clinical benefit it confers in the unmet medical need, the lack of competition in PBC, and the inherent pricing power (we assume $81k/year based on comps; see HERE for analysis). Therefore we think estimates will rise going into the PBC launch (potential approval by April 2016e). We also think that the pending global commercial launch in liver disease could trigger strategic interest in Intercept, though we assume no premium or synergies in our model."

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 $240.39 yesterday.

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