Intercept Pharmaceuticals (ICPT) PT Lowered to $25 at Needham & Company

Needham & Company analyst Joseph Stringer lowered the price target on Intercept Pharmaceuticals (NASDAQ: ICPT) to $25.00 (from $30.00) while maintaining a Buy rating following Q4 results. The analyst noted no surprise in Ocaliva 2022 sales guidance while Phase 3 REVERSE results were delayed.

The analyst commented, "ICPT reported 4Q21 results today. Ocaliva (OCA) 4Q21 WW sales of $92.4M (+17% y/y) were below our $96.0M and in-line with Street $92.8M estimates. Management provided initial 2022 sales guidance of $375-405M, bracketing our prior $387M and Street $378M estimates. Initial 2022 non-GAAP OpEx guide of $360-390M was below our prior $418M estimate. OCA Ph3 REGENERATE re-read data in NASH slips to 1H22 (was 1Q22). We await results for more visibility on a potential NDA resubmission. The Ph3 REVERSE trial (NASH Cirrhosis) readout shifted to 3Q22 (was 1Q22). We do not anticipate a positive outcome for this trial. While we have relatively low PoS and expectations for the NASH programs, our BUY rating and valuation are primarily based on our estimated value of the core PBC business. We are lowering our $PT to $25 (was $30) to reflect NASH delays."

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