Baird analyst Brian Skorney reiterated an Outperform rating and $332 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) following positive FDA briefing documents.

Skorney commented, "Though we admit being scared by FDA's three-month delay, today's briefing docs are, what's the word? Boring. And that is a good thing. There seems to be some question still around validity of the surrogate endpoints, specifically ALP, but all in all, we think the FDA is leaning toward an approval here, and that safety issues that could have readthrough to NASH, didn't really seem to be an issue. We reiterate our Outperform."

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Shares of Intercept Pharmaceuticals closed at $133.55 yesterday.

Analyst Comments FDA

PBC Committee Opens The Door to $2.2B Opportunity For Intercept Pharma (ICPT) - WedbushApril 6, 2016 7:50 AM Intercept Pharmaceuticals (ICPT) Briefing Docs 'Mostly In-Line' - FBR CapitalApril 5, 2016 11:07 AM Intercept Pharma (ICPT) Briefing Docs Raise New Questions, But All Appear Addressable - LeerinkApril 5, 2016 9:33 AM Wells Fargo Upgrades Intercept Pharmaceuticals (ICPT) to OutperformApril 5, 2016 9:02 AM Intercept Pharma (ICPT) FDA Briefing Documents PostedApril 5, 2016 8:01 AM