UPDATE: Oppenheimer Initiates Coverage on Intercept Pharmaceuticals with Outperform Rating, $60 PT on Bullish Outlook

In a report published Friday, Oppenheimer analyst Akiva Felt initiated coverage on Intercept Pharmaceuticals (NASDAQ: ICPT) with an Outperform rating and $60.00 price target.In the report, Oppenheimer noted, “We are initiating coverage of Intercept (ICPT) with an Outperform rating and $60 price target. We believe Intercept is emerging as a leader in liver disease therapies, with obeticholic acid (OCA) likely to deliver positive Phase 3 results in 2Q14 for the treatment of Primary Biliary Cirrhosis (PBC), an orphan indication with a strong unmet medical need. Meanwhile, smaller proof-of-concept studies in a number of follow-on indications provide the opportunity for further share appreciation, in our view. Our bullish stance on ICPT is based on anticipated success in the Phase 3 PBC trial as well as our expectation that the shares will move higher as investors begin to assign value to OCA's follow-on indications.”Intercept Pharmaceuticals closed on Thursday at $38.72.