Needham & Company Lifts PT on Intercept Pharmaceuticals (IPCT) with OCA Phase 3 POISE Trial Ahead of Schedule

Needham & Company lifted its price target on Buy-rated Intercept Pharmaceuticals (NASDAQ: ICPT) from $24 to $40 after the company announced that enrollment in its Phase 3 trial of Obeticholic Acid (OCA) in lead indication Primary Biliary Cirrhosis (PBC) was completed ahead of schedule.

"We now believe top-line results of this trial (POISE) may be available in 1Q14. In the interim, we await results of the Supergroup analysis," said analyst Alan Carr. "Data from this retrospective study, which is evaluating the suitability of surrogate endpoints in PBC, are expected to be presented at the EASL meeting in Apr 2013."

Carr now assumes OCA launch in 1H15, rather than 2H15.

The new $40 price target is based on 25x their $3.90 2017 EPS estimate.

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 $34.04 yesterday.

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