Intercept Pharmaceutical Shares Up Amid Deutsche Bank Initiation
In a note released Monday morning, Deutsche Bank analyst Alethia Young initiated coverage on Intercept Pharmaceuticals (NASDAQ: ICPT) with a Buy rating and a $395 price target.
Young noted that Intercept is in the process of developing its lead asset OCA for the treatment of PBC and NASH.
Looking a head, Young wrote, "We think a stat sig trend on NASH clearance is essential for accelerated FDA approval and to remain competitive."
Young added, " We think shares currently reflect ~35% chance of success for NASH. We see some downside protection in the fact that if NASH fails in Ph2b, the co will likely price PBC higher."
Young is forecasting a price range of $336-$404 per share on good data and $110-$146 per share on bad data.
Shares of Intercept are up 3.4 percent at $229.77.
Latest Ratings for ICPT
|Apr 2016||Morgan Stanley||Downgrades||Equal-weight||Underperform|
|Apr 2016||BMO Capital||Initiates Coverage on||Outperform|
|Apr 2016||Wells Fargo||Upgrades||Market Perform||Outperform|
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