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ICPT

Intercept

$98.12

-15.36 (-13.54%)

05:40
09/13/17
09/13
05:40
09/13/17
05:40

Intercept price target lowered to $150 from $240 at Citi

Citi analyst Joel Beatty lowered his price target for Intercept Pharmaceuticals to $150 saying a "more robust" competitive landscape in both primary biliary cholangitis and nonalcoholic steatohepatitis could limit peak sales of Ocaliva. While the drug appears to be effective and safe in NASH, its overall profile may "not be strong enough to drive a rapid increase" in the NASH diagnosis rate upon approval, limiting the drug's first mover advantage, Beatty tells investors in a research after the company sent a letter to health care providers warning that serious liver injuries, including death, have been reported in primary biliary cholangitis patients dosed with Ocaliva at higher than recommended levels. Safety concerns are likely to remain an overhang on the shares at least until results from the Phase 3 Regenerate trial in the first half of 2019, which is beyond the 12 month time horizon of the new target price, Beatty writes. He keeps a Buy rating on Intercept. The stock yesterday closed down 13.5%, or $15.36, to $98.12.

ICPT Intercept
$98.12

-15.36 (-13.54%)

09/12/17
SBSH
09/12/17
NO CHANGE
Target $240
SBSH
Buy
Intercept patient safety letter a 'meaningful negative,' says Citi
Citi analyst Joel Beatty calls Intercept Pharmaceuticals' patient safety letter a "meaningful negative" for Intercept Pharmaceuticals. The letter could "dampen physician enthusiasm" to prescribe Ocaliva in primary biliary cholangitis, especially if other competing agents are approved, Beatty tells investors in a research note. He also believes the news is likely to raise investor concerns about the safety of obeticholic acid in nonalcoholic steatohepatitis. The analyst notes that Intercept, when asked, see no impact on the Phase 3 Regenerate trial of OCA in NASH. Intercept in early trading is down 20%, or $22.34, to $91.14. Beatty keeps a Buy rating on the shares with a $240 price target. He notes his price target is largely based on NASH.
09/12/17
CANT
09/12/17
NO CHANGE
Target $69
CANT
Underweight
Cantor reiterates $69 target on Intercept after Ocaliva warning letter
Cantor Fitzgerald analyst Elemer Piros reiterates an Underweight rating on Intercept Pharmaceuticals after the company sent a letter to healthcare providers warning that serious liver injuries, including death, have been reported in liver-impaired primary biliary cholangitis patients dosed with Ocaliva at higher than recommended levels. The news raises caution on the PBC franchise's future growth potential in more severe patients, and signals a "potential hurdle" for further penetration, Piros tells investors in a research note. Intercept in early trading is down 19% to $92.08.
09/12/17
JEFF
09/12/17
NO CHANGE
JEFF
Intercept selloff an 'overreaction,' says Jefferies
Jefferies analyst Michael Yee said the sell off in Intercept shares is an "overreaction" to the "Dear Healthcare Provider Letter" and said the risk/benefit of OCA remains favorable. The analyst said there is no change to his Buy thesis and $275 price target and would be buyers of the stock and expects shares to recover as the Phase III trial in cirrhotic patients is initiated by year-end and as we approach Phase III NASH results in early 2019.
09/12/17
BARD
09/12/17
NO CHANGE
Target $332
BARD
Outperform
Baird would buy Intercept on weakness
Baird analyst Brian Skorney recommends buying Intercept shares on weakness related to the "Dear Healthcare Provider Letter." The analyst said there is no new information in the letter and serves as a reminder to modify does according to the label for patients with hepatic impairment following cases of Ocaliva being dosed more frequently than recommended. Skorny rates Intercept an Outperform with a $332 price target.

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