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Intercept Pharmaceutical Shares Skyrocket after Oppenheimer's Data "Optimism"

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Shares of Intercept Pharmaceuticals (NASDAQ: ICPT) have skyrocketed after Oppenheimer analyst Akiva commented on data “optimism” ahead of Phase 3 PBC data in 2Q14.

Akiva noted the buying opportunity for Intercept following the recent pull-back. Oppenheimer spoke with the company and reported that the majority of patients have completed their dose of POISE with the last patient completing their dose by the end of the year. The analyst commented that S-1 filing and Form 4 selling confusion may be key factors contributing to the weakness of shares.

The AASLD symposium will be focused on PBC awareness. Intercept Pharmaceuticals expects to report Phase 2a PH (PESTO) and BAD (OBADIAH) data by year end.

Oppenheimer $94 PT remains high compared to Bloomberg's average of $75.

Intercept Pharmaceuticals closed at $54.96 on Wednesday and is currently trading +8.84 percent.

 

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