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ICPT

Intercept

$61.59

-12.11 (-16.43%)

12:34
09/25/17
09/25
12:34
09/25/17
12:34

Jefferies cuts Intercept target, asks if sentiment has hit bottom

In an intraday research note titled "Where do we go from here? Has sentiment basically hit bottom?," Jefferies analyst Michael Yee cut his price target for Intercept Pharmaceuticals to $135 from $275 and keeps a Buy rating on the name. The stock in midday trading is up 59c to $62.18. After recent events, the risk/benefit is still in favor of Ocaliva, Yee tells investors. He admits, however, that there is a lack of visibility and catalysts over the next six months. The analyst views the shares as attractive for investors with a 12-plus month timeframe ahead of the Phase III nonalcoholic steatohepatitis data in 2019. Investor sentiment is already "very negative," Yee argues. He believes shares already reflect "very negative scenarios," like NASH going away or Ocaliva's label receiving a black box warning and negatively impacting primary biliary cholangitis sales.

  • 25

    Sep

ICPT Intercept
$61.59

-12.11 (-16.43%)

09/22/17
OPCO
09/22/17
DOWNGRADE
OPCO
Perform
Intercept downgraded to Perform from Outperform at Oppenheimer
09/22/17
OPCO
09/22/17
DOWNGRADE
OPCO
Perform
Oppenheimer downgrades Intercept despite two-day share collapse
Oppenheimer analyst Jay Olson downgraded this afternoon shares of Intercept Pharmaceuticals to Perform from Outperform. Following a 25% decline yesterday, the stock is down 15% to $62.69 in afternoon trading. Both the company's "Dear Doctor" last week and yesterday's FDA communication contain warnings that Intercept's Ocaliva could result in increased risk of serious liver injury and death, Olson tells investors in a research note. The drug's primary biliary cholangitis script growth is below the analyst's prior forecasted trajectory and he believes the warnings "could further attenuate growth." Further, Olson is increasingly concerned with the commercial implications of Ocaliva for nonalcoholic steatohepatitis, which he believes "necessitates a clean safety profile." Citi analyst Joel Beatty earlier today also downgraded Intercept.
09/25/17
FBCO
09/25/17
NO CHANGE
Target $201
FBCO
Outperform
Intercept selloff overdone, says Credit Suisse
Credit Suisse analyst Alethia Young thinks Intercept's stock reaction is overdone and general uncertainty is what continues to put pressure on the stock, after concerns associated with their lead asset, Ocaliva that is currently on the market for primary biliary cholangitis patients. The analyst argues that shares are under pressure now due to lack of comment/clarity from management, and thinks shares will recover as management provides further discussion post safety letter, clarity is given around black box warning risk, and any relevant updates that ongoing NASH trial has been reviewed recently for safety imbalances. Young reiterates an Outperform rating and $201 price target on the shares.
09/25/17
WELS
09/25/17
NO CHANGE
Target $62
WELS
Market Perform
Wells Fargo sees high likelihood of black box warning for Intercept
After reviewing FDA safety warnings over the last five years as well as Intercept Pharmaceuticals' own comments, Wells Fargo analyst Jim Birchenough sees a "high likelihood" of a black box warning for Ocaliva with increased monitoring requirements. While Intercept's expert on today's business update call suggested no impact on use in primary biliary cirrhosis patients failing ursodeoxycholic acid, the decision of when to treat is "variable" and the FDA Warning could impact timing of drug initiation, Birchenough tells investors in a research note. Further, the analyst continues to believe implications for non-alcoholic steatohepatitis are uncertain. He keeps a Market Perform rating on Intercept with a $62 price target. The stock in late morning trading is up 2% to $62.65.

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AAN

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, LOW

Lowe's

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LVMUY

LVMH

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WAB

Wabtec

$77.27

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ATNX

Athenex

$16.66

-0.11 (-0.66%)

08:25
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IPGP

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FELE

Franklin Electric

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SNE

Sony

$49.55

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PATK

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DKL

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YUM

Yum! Brands

$78.25

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IYT

iShares Transportation Average

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PRGO

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XLK

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GD

General Dynamics

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CSRA

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