Concerns over Intercept (ICPT) Accelerated Approval is 'Unfounded' - RBC

RBC Capital analyst Brian Abrahams reiterated an Outperform rating and $143.00 price target on Intercept Pharmaceuticals (NASDAQ: ICPT), saying FDA feedback shows recent concerns over accelerated approval is "unfounded."

"... at an investor conference yesterday evening, ICPT's CEO noted that in fact since the draft guidance was released, they communicated with the FDA and have now received a definitive confirmation that histological endpoints can still form the basis of accelerated approval from the REVERSE study - showing the Agency's flexibility and demonstrating that these concerns are not warranted."

He notes "shares still have not recovered from their levels before the guidance emerged, despite a competitor's setback and now this new update (which we believe the Street may be overlooking), further re-affirming our view the stock remains significantly undervalued."

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 $80.99 yesterday.

You May Also Be Interested In

• RBC Capital Starts Natera (NTRA) at Outperform
• Caribou reports long-term data for vispa-cel in lymphoma patients
• Guardant Health receives FDA approval for companion diagnostic test