Market Overview

Genfit's Loss Is Gain For Intercept Pharmaceuticals


Intercept Pharmaceuticals Inc (NASDAQ: ICPT) faces less risk from competition for its prospective liver disease treatment after trial results of a rival drug proved unimpressive, an analyst said Friday.

Competitor Genfit SA (EPA: GNFT) on Thursday revealed that a study of its GFT505 treatment for non-alcoholic steatohepatitis liver disease, or NASH, failed to meet its primary endpoint. Genfit said it will press ahead with a larger trial.

Deutsche Bank's Alethia Young said the news improves Intercept's competitive position and raised her target on the company by a third to $400.

Intercept traded up 3 percent to $291.26 recently; Genfit was off 44 percent at EU28.31 on the Euronext exchange.

Intercept last week published data concerning its OCA liver treatment showing "statistically significant" benefits.

Young said Intercept's position "is strengthened from a competitive data point," but she added that further data from Genfit will be significant.

The analyst boosted her estimated market share for the yet-to-be approved OCA to 65 percent, from 50 percent.

"Market share is a huge lever in our model," Young said. "We have seen other big companies partnering & acquiring NASH assets which suggest to us that this is a big market."

Latest Ratings for ICPT

Jan 2020MaintainsBuy
Jan 2020DowngradesBuyNeutral
Dec 2019MaintainsOutperform

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Posted-In: Alethia Young Deutsche BankAnalyst Color Price Target Reiteration Analyst Ratings


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