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ICPT

Intercept

$115.92

1.08 (0.94%)

12:47
08/07/18
08/07
12:47
08/07/18
12:47

Intercept patient deaths in-line with historicals, says RBC Capital

RBC Capital analyst Brian Abrahams says the 14 additional deaths reported for patients on Intercept Pharmaceuticals' Ocaliva in the FDA Adverse Event Reporting System database Q2 update are in-line with historical numbers. The analyst says he scanned the data yesterday when the database was initially updated and saw no major deviations from what is typically expected in this severe patient population. The additional reported deaths reflect a rate that is no higher than what has been historically observed for primary biliary cholangitis patients on Ocaliva, and which has appeared to improve following the label update emphasizing proper dosing, Abrahams tells investors in an intraday research note. As such, he does not view the FDA AERS database update as a concern. He continues to recommend buying shares of Intercept into the Regnerate data and keeps am Outperform rating on Intercept Pharmaceuticals. The stock in midday trading is up 2% to $117.25.

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ICPT Intercept
$115.92

1.08 (0.94%)

08/06/18
GSCO
08/06/18
UPGRADE
Target $157
GSCO
Buy
Intercept upgraded to Buy from Sell at Goldman Sachs
Goldman Sachs analyst Salveen Richter double upgraded Intercept Pharmaceuticals (ICPT) to Buy from Sell and raised his price target for the shares to $157 from $46. The stock closed Friday down 3.5%, or $3.57, to $97.26. The analyst says Ocaliva in fatty liver disease nonalcoholic steatohepatitis is the crux of Intercept's value proposition and that he's positive into the Phase 3 Regenerate interim readout in the first half of 2019. Richter this morning also downgraded Madrigal Pharmaceuticals (MDGL) to Neutral from Buy. He believes, however, that Madrigal's MGL-3196 is a "best-in-industry, next-generation" drug for nonalcoholic steatohepatitis. The analyst expects Intercept's Ocaliva will achieve one or both of the Phase 3 co-primary endpoints of NASH resolution and fibrosis improvement. He sees share upside of 60%-plus as the first half of 2019 catalyst approaches. Intercept should benefit from Ocaliva's global first-mover advantage in NASH, Richter tells investors in a research note. Goldman estimates peak global sales of NASH drugs to be $3.7B.
08/06/18
WEDB
08/06/18
NO CHANGE
Target $217
WEDB
Outperform
Intercept price target raised to $217 from $203 at Wedbush
Wedbush analyst Liana Moussatos raised her price target for Intercept to $217 from $203 after the company reported "strong" Q2 earnings. The analyst reiterates an Outperform rating on the shares.
08/06/18
08/06/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Comcast (CMCSA) upgraded to Overweight from Neutral at Atlantic Equities with analyst Hamilton Faber saying he believes "the bulk of the M&A storm" has passed. 2. Qualcomm (QCOM) upgraded to Outperform from Market Perform at Cowen with analyst Matthew Ramsay citing the company's $30B buyback and saying he believes the shares offer a compelling risk/reward with effects of lower spending, solid customer performance, and potential QTL resolutions. 3. Square (SQ) upgraded to Buy from Neutral at Buckingham with analyst Chris Brendler saying the Q2 strong results reduced his concerns about high valuation and competition and said there is no reason why Square will not continue to report better-then-expected core revenue growth into 2020. 4. Parker-Hannifin (PH) upgraded to Outperform from In Line at Evercore ISI with analyst David Raso saying the company's recent operational struggles are behind it with this quarters report and views 2019 guidance as conservative. 5. Intercept (ICPT) upgraded to Buy from Sell at Goldman Sachs with analyst Salveen Richter saying Ocaliva in fatty liver disease nonalcoholic steatohepatitis is the crux of Intercept's value proposition and that he's positive into the Phase 3 Regenerate interim readout in the first half of 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/06/18
08/06/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. INTERCEPT DOUBLE UPGRADED AT GOLDMAN: Goldman Sachs analyst Salveen Richter double upgraded Intercept Pharmaceuticals (ICPT) to Buy from Sell and raised his price target for the shares to $157 from $46. The analyst said Ocaliva in fatty liver disease nonalcoholic steatohepatitis is the crux of Intercept's value proposition and that he's positive into the Phase 3 Regenerate interim readout in the first half of 2019. Intercept should benefit from Ocaliva's global first-mover advantage in NASH, Richter said. In late morning trading, Intercept shares are up 12%. BUCKINGHAM UPGRADES SQUARE TO BUY: Buckingham upgraded Square (SQ) to Buy from Neutral and raised its price target to $85 from $65. Analyst Chris Brendler said the strong Q2 results reduced his concerns about high valuation and competition and said there is no reason why Square will not continue to report better then expected core revenue growth into 2020. Brendler said long-run adjusted EBITDA margins of 40%-50% justify a higher valuation. PIPER CUTS ACADIA TO NEUTRAL: Piper Jaffray analyst Danielle Brill downgraded Acadia Pharmaceuticals (ACAD) to Neutral from Overweight and cut her firm's price target on shares to $19 from $61 after taking over coverage of the name. The recent negative headlines related to potential Nuplazid safety issues will continue to weigh on sales and the shares for the foreseeable future, Brill said. Further, the analyst does not have a high level of conviction for positive data from Acadia's near-term catalysts, namely the Phase 2 major depressive disorder data in September and the Phase 2 negative schizophrenia symptoms readout in the first half of 2019. BARCLAYS CUTS INTEL TO EQUAL WEIGHT: Barclays analyst Blayne Curtis downgraded Intel (INTC) to Equal Weight from Overweight and cut his price target for the shares to $53 from $62. The analyst believes upside in the shares will be challenging until the company's margins bottom. JEFFERIES SAYS OHIO INCIDENT NOT A RISK TO CHIPOTLE TRAFFIC: After analyzing digital engagement with the brand from last week and compared to the Virginia incident last July, Jefferies analyst Andy Barish does not believe the illnesses at the Ohio restaurant put Chipotle Mexican Grill's (CMG) traffic trends at risk. The analyst believes Chipotle's procedures were followed in Ohio, the number of cases was not substantiated, and the company did a better job controlling the narrative and taking action. Barish kept a Buy rating on Chipotle shares with a $550 price target.

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