Intercept Pharmaceuticals (ICPT) PT Lowered to $16 at Stifel

Stifel analyst Derek C. Archila lowered the price target on Intercept Pharmaceuticals (NASDAQ: ICPT) to $16.00 (from $29.00) while maintaining a Hold rating.

The analyst commented, "We are reiterating our Hold rating after ICPT reported 1Q21 financials and provided a business update. We are not buyers here as we think there are too many challenges with this story to get involved. While Ocaliva's PBC label narrowing was more-or-less expected, we think there could still be downside risk to numbers once the new label goes into practice. Additionally, OCA's NASH NDA re-submission timing has been pushed, and it appears management has a lot of ground to cover with the agency to justify OCA's risk/benefit in NASH. We await an update in 3Q21 on timing of the resubmission, but we conservatively take the view that the agency may await outcomes to fully understand OCA's risk/benefit before granting approval. Lastly, REVERSE data for OCA in F4 patients is still on track to deliver results by year-end and offers an interesting catalyst for the stock."

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