Needham & Company Reiterates Buy on Intercept (ICPT) Following Q3 Update

Needham & Company analyst Alan Carr reiterating a Buy rating and $500 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) following earnings and the company's corporate update today.

Carr commented, "Intercept mgmt provided a 3Q15 corporate update this morning. Key upcoming milestones include the Obeticholic Acid (OCA) FDA review decision in Primary Biliary Cirrhosis (PBC; PDUFA 2/29/16). We assume approval and launch immediately thereafter. An AdCom mtg is likely according to mgmt. Intercept initiated the Phase 3 REGENERATE trial in NASH in Sept 2015. Although limited data available from the Japan Phase 2 NASH trial are consistent w/an active drug, we expect debate around OCA impact on fibrosis to continue until interim results from REGENERATE are available (2018E). We reiterate BUY, with expectations for upside in 2016 around OCA launch in PBC and potentially clinical trial data in other indications."

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 $176.70 yesterday.

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