Intercept Pharma (ICPT): Cutting PT $90 - Citi

Citi analyst, Joel Beatty, reiterated his Buy rating on shares of Intercept Pharmaceuticals (NASDAQ: ICPT) but cut his price target to $150 from $240 for 3 reasons:

1) there's a robust competitive landscape in both PBC and NASH that could limit peak sales of OCA

2) while OCA appears to be effective and safe in NASH, the overall profile of the agent may not be strong enough to drive a rapid increase in the NASH diagnosis rate upon approval, limiting the drug's first mover advantage

3) we believe safety concerns by investors about OCA that have previously existed have been heightened by the recent 'Dear Doctor' letter

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 $98.12 yesterday.

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