Intercept price target raised to $150 from $135 at Jefferies
Jefferies analyst Michael Yee raised his price target for Intercept Pharmaceuticals to $150 after reviewing scenarios for the company's Phase III nonalcoholic steatohepatitis data in February or March. The analyst sees a 65%-70% probability of "favorable scenarios" and sees the stock going to the $150-$225 range if the data "looks good." Further, it is possible that Intercept could be viewed as an acquisition candidate, especially if hits fibrosis and cardiovascular "is clean," Yee tells investors in a research note. If Intercept hits on both endpoints and safety is "balanced/clean," which the analyst assigns a 25%-35% probability, he sees the stock going to $175 to $225. However, if the company misses both endpoints and/or has safety issues, which the analyst assigns a 30%-35% probability, he thinks the stock goes to $35-$50. Yee keeps a Buy rating on Intercept Pharmaceuticals.