Wedbush Securities Believes Financing Further Extends Cash Runway For Intercept Pharmaceuticals

In a report published Wednesday, Wedbush Securities analyst Liana Moussatos reiterated an Outperform rating and $493.00 price target on

. In the report, "Intercept raised approximately $338.4 million/$389. 2 million (with shoe) in a recent equity financing. The company issued approximately 1,200,000 shares of common stock, plus an additional 180,000 shares to cover over-allotments. The company plans to use the financing to support the regulatory and commercial development of OCA for PBC, the clinical development of OCA for NASH and PSC, and development of its preclinical programs." Intercept Pharmaceuticals closed on Tuesday at $282.02.