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What's With Wall Street's Lofty Price Targets On Intercept?

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What's With Wall Street's Lofty Price Targets On Intercept?

Intercept Pharmaceuticals Inc (NASDAQ: ICPT) maintains an average price target of $203 — a 68.9-percent upside from the present price around $120.

Two firms offer targets of $300 or higher, and six foresee rates of at least $200.

Roundup

  • Barclays: $205
  • Citigroup: $275
  • Cowen & Co.: $225
  • FBR Capital: $200
  • Oppenheimer: $200
  • RBC Capital: $300
  • Robert W. Baird: $332
  • Wedbush: $224

Justification For Optimism

The inordinately large average target may signal analysts’ faith in Intercept’s obeticholic acid (OCA) treatment for nonalcoholic steatohepatitis (NASH). OCA is currently undergoing Phase 3 trials against the liver disease, and on Friday, Intercept announced that it altered its study protocol to accelerate results and improve chances of success. The U.S. Food and Drug Administration has already approved OCA to treat primary biliary cholangitis.

The optimism of analysts seemed to resonate with investors, who prompted shares to spike more than 7 percent Friday.

Nevertheless, three firms forecasting price raises maintain Sell or Hold ratings on the stock, while three additional firms predict significant downside.

Latest Ratings for ICPT

DateFirmActionFromTo
Sep 2019UpgradesNeutralBuy
Aug 2019ReiteratesOverweight
Jun 2019Initiates Coverage OnHold

View More Analyst Ratings for ICPT
View the Latest Analyst Ratings

Posted-In: Analyst Color Biotech Earnings News Guidance Health Care Price Target Previews Best of Benzinga

 

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