Right Time to Buy Intercept Pharmaceuticals (ICPT), Nomura Says

Nomura Securities analyst Ian Somaiya reiterated a Buy rating and $456 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) saying it is the right time to buy the stock.

Somaiya comments, "We reiterate our Buy rating and $456 TP following investor meetings we hosted with Intercept management. Our meetings provided visibility into key sub-group analyses that will be part of the full FLINT publication, and aspects of the proposed P3 trial design that we believe further de-risk the program and could accelerate OCA’s approval. We believe limiting P3 to F2/F3 fibrosis patients increases odds of showing a fibrosis benefit given positive FLINT result which allowed for F0-F3 patients. We also note potential for OCA’s accelerated approval based on an interim look at 72 weeks, which we believe could support late 2017 approval (vs. current 2019 est.). We believe the 1Q15 expected release of Genfit’s GFT505 Phase IIB data is likely to remain an overhang on ICPT but see a fibrosis benefit as unlikely given trial does not consider fibrosis to have worsened until patient reaches stage F3."

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 $224.51 yesterday.

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