Intercept (ICPT) AdCom Couldn't Have Gone Better, Baird Says; Notes Gilead (GILD) Exec in the Audience
Baird analyst Brian Skorney reiterated an Outperform rating and $332 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) following a positive FDA AdCom. The firm is confident in OCA will be approved on or before the May 29 PDUFA date.
Skorney commented, "To say it couldn’t have gone better is an understatement. The FDA actually made stronger arguments for OCA’s PBC approval than Intercept did at times. After a few Freudian slips by the FDA reviewers who said that this will be the first country the drug is approved in (it hasn’t been approved yet) and a unanimous vote in support of Subpart H approval by the 17 panelists, we are confident OCA will be approved on or before the May 29 PDUFA date."
Interesting tidbit from the note: "As much as we enjoy a heated AdCom, when it comes to FDA reviews, the more boring, the better. This one was exceptionally boring. We even had some time to do people watching, and we certainly didn’t miss John McHutchinson, EVP of Clinical Research at Gilead (NASDAQ: GILD), in the audience." (SI NOTE: This may stir more M&A speculation).
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Shares of Intercept Pharmaceuticals closed at $163.83 yesterday.