UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Intercept Pharmaceuticals Following In-Line Q2 Financials

In a report published Tuesday, Wedbush analyst Liana Moussatos reiterated an Outperform rating on

, and raised the price target from $65.00 to $67.00. In the report, Wedbush noted, “Q2 financials were roughly in line with our estimates. Intercept reported $405,000 in revenues from the amortization of the $15 million upfront payment from Dainippon Sumitomo Pharma, R&D of $5.1 million, G&A of about $0.9 million, and GAAP EPS loss of $0.79. These were roughly in line with our $400,000, $5.1 million, $2.5 million, and loss of $0.55, respectively; however, we underestimated the revaluation of warrants ($(5.6)MM vs. our $(2.5)MM). We do not view this as material given the developmental stage of the company. The company ended Q2 with about $161.8 million in cash, cash equivalents, and investments, which the company projected will last through early 2016. We have incorporated Q2 results and made minor changes to our projections.” Intercept Pharmaceuticals closed on Monday at $46.30.