UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Intercept Pharmaceuticals Following 2Q13 Operating Results

In a report published Wednesday, BMO Capital Markets analyst Jim Birchenough reiterated an Outperform rating on Intercept Pharmaceuticals ICPT, and raised the price target from $44.00 to $62.00. In the report, BMO Capital Markets noted, “ICPT reported 2Q13 operating results today and provided an update on key initiatives. Loss per share of $0.79 was wider than consensus of $(0.51), primarily owing to a one-time non-cash charge, and ICPT ended 2Q13 with $162M, sufficient to fund operations through early 2016. No specific updates were provided on pipeline programs for lead bile acid analogue OCA, although ICPT will host a satellite symposium at the International Congress of Immunology on August 25, with focus on primary biliary cirrhosis (PBC). Our recent meeting with management at the BMO Capital Markets biotech corporate access day suggests that the POISE phase 3 study in PBC remains on track for data in 2Q14 and plans for expanded development in primary sclerosing cholangitis (PSC) and targeted development in portal hypertension are under review. Broader opportunity in NASH and bile acid diarrhea is also on track but precise timing of next data points is not yet clear.” Intercept Pharmaceuticals closed on Tuesday at $46.08.