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ICPT

Intercept

$98.12

-15.36 (-13.54%)

08:40
09/13/17
09/13
08:40
09/13/17
08:40

Intercept letter doesn't change fundamental view of Ocaliva, says JMP Securities

JMP Securities analyst Liisa Bayko said the warning letter sent by Intercept to health care providers regarding post-marketing reports of liver issues and death in certain PBC patients highlights risks that were already known and doesn't change her fundamental view on Ocaliva. The analyst, who sees little read through to the ongoing Phase 3 REGENERATE trial in NASH patients and views yesterday's drop in Intercept shares as an overreaction, keeps an Outperform rating and $150 price target on the stock.

ICPT Intercept
$98.12

-15.36 (-13.54%)

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.
09/13/17
SBSH
09/13/17
NO CHANGE
Target $150
SBSH
Buy
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.
09/13/17
MSCO
09/13/17
NO CHANGE
MSCO
Underweight
Intercept talks raise concern of potentially larger issue, says Morgan Stanley
Morgan Stanley analyst Andrew Berens noted that Intercept attended the firm's healthcare conference and discussed its recently sent "Dear Healthcare Provider" letter regarding liver toxicity seen with Ocaliva in some PBC patients. Discussion at the event suggests Ocaliva may have direct effect on liver toxicity in the presence of cholestasis and/or high drug levels, according to Berens, who sees this issue having significant implications for the drug, especially in NASH patients, he tells investors. Berens keeps an Underweight rating and $75 price target on Intercept shares, which closed yesterday down 13.5% at $98.12.
09/13/17
BMOC
09/13/17
NO CHANGE
BMOC
Intercept should be bought on weakness, says BMO Capital
BMO Capital analyst M. Ian Somaiya says the letter sent by Intercept to healthcare providers regarding its Ocaliva drug relates to failure by doctors to adhere to dose adjustments recommended in its label. Since no new adverse events were cited in the letter, the analyst does not expect any changes to the label. He continues to expect strong Ocaliva prescriptions to result in the company reporting beat and raise Q3 results, and he recommends buying the stock on weakness. He keeps a $221 price target and an Outperform rating on the stock.

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