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Fly News Breaks for January 2, 2020
CBAY, ICPT
Jan 2, 2020 | 06:11 EDT
Citi analyst Joel Beatty downgraded Intercept (ICPT) to Neutral from Buy but raised his price target to $140, up from $85. The analyst notes the 95% run-up in the stock since September and contends that its NASH launch has been "appropriately priced in". Beatty further cites the discontinuation of Seladelpar in PBC from competitor Cymabay (CBAY), which he had viewed as a "real threat" to Intercept's PBC market share.
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