Intercept Pharma (ICPT) Estimates Raised At Baird

Baird analyst, Brian Skorney, reiterated his Outperform rating on shares of Intercept Pharmaceuticals (NASDAQ: ICPT) after patients receiving 25mg of OCA showed an impressive benefit on fibrosis, the more important of the two prospectively defined efficacy endpoints. One of the two primary endpoints, a ≥1 stage improvement in fibrosis, was achieved in 23.1% of patients receiving 25mg of OCA vs. 11.9% in placebo (p-value=0.0002). The other primary endpoint, NASH resolution, missed statistical significance although it showed a dose relationship: 11.7% for 25mg, 11.2% for 10 mg and 8% for placebo.

The analyst stated "Safety did not appear any different than expected, with pruritus being the primary factor, but with overall discontinuations looking the same across arms, it doesn’t appear to be overly concerning. Bottom line, this will be the first approved NASH drug with two placebo-controlled studies now showing a fibrosis benefit". He succinctly summed up his overall thoughts stating "The bottom line here is that OCA is approvable based on these results".

No change to the price target of $253.

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 $110.82 yesterday.

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