Credit Suisse Reiterates Intercept's Lofty $200 Price Target; Ocaliva Will Be A 'Surprisingly Solid Launch'
Credit Suisse's Alethia Young reiterated her Outperform rating on Intercept Pharmaceuticals Inc (NASDAQ: ICPT) with a price target of $200.00. The reiteration came after Intercept's Octavia product passed FCC approval for treating Patients with PBC.
"Ocaliva pricing of $69,350 was roughly in-line with our expectations," said Young. The analyst was happy to see the FCC action, as Intercept's "first drug approval is a key de-risking point for companies watching the FXR space."
The Credit Suisse analyst thinks the company's pricing, preparation and market strategy are "lining up for what could be a surprisingly solid launch." Additionally, Young expects little competition for patients from ongoing placebo controlled COBALT trials.
Largely due to the FCC approval, Intercept Pharmaceuticals was trading up 3.45 percent at the time of writing.
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