Intercept Pharmaceuticals (ICPT) PT Trimmed to $140 at Leerink Partners

Leerink Partners analyst Joseph Schwartz reiterated an Market Perform rating and trimmed his price target on Intercept Pharmaceuticals (NASDAQ: ICPT) to $140.00 (from $144.00) after OCALIVA was approved and priced at $69K per yera. The analyst remains cautious on the speed of market uptake for OCALIVA despite confidence that ICPT focused on educating physicians and providing comprehensive patient support.

Schwartz commented, "Earlier today ICPT mgmt. hosted a conference call and provided guidance on pricing (OCALIVA will cost $69,350 per year), launch timing, and physician detailing and we have updated our model accordingly. Recall that the FDA granted accelerated approval to OCALIVA for the treatment of Primary Biliary Cholangitis (PBC) last week [LINK], a decision that was in line with our expectations following the Gastrointestinal Drugs Advisory Committee's unanimous positive vote last month [LINK]. As we discussed in detail recently [LINK], we are cautious about market uptake relative to Street estimates."

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 $141.77 yesterday.

You May Also Be Interested In

• Oracle (ORCL) PT Raised to $250 at UBS Following Q1 Results
• Jersey Mike's Subs (JMKE) PT Raised to $30 at Tigress Financial Partners
• UBS Upgrades Lovisa Holdings Ltd (LOV:AU) to Buy