Needham Thinks Intercept Pharma’s Stock is Going to Recover

By Ryan Adsit

Needham analyst Alan Carr reiterated a Buy rating on Intercept Pharma (NASDAQ: ICPT) today and set a price target of $350. The company’s shares opened today at $98.20, close to its 52-week low of $89.76.

Carr noted:

“Intercept announced $4.7M in 3Q16 Ocaliva sales, compared to our $3.0M and consensus $3.4M estimates. Over 90% of target physicians have been reached in the field and >145M lives are now covered by payers. The vast majority of pts have initiated therapy at 5mg dose and overall pt profile is in line w/ that of Phase 3 POISE trial. A positive CHMP opinion was announced last month and we expect EU approval by YE16. Although guidance for completing enrollment of 1400pts in Phase 3 REGENERATE NASH was maintained (1H17), mgmt noted a slower enrollment pace than anticipated. A series of changes have been contemplated/ implemented, including an increase in number sites from 300 to 350.”

According to, Carr is a 4-star analyst with an average return of 3.0% and a 38.8% success rate. Carr covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Lexicon Pharmaceuticals, and Aquinox Pharmaceuticals.

Currently, the analyst consensus on Intercept Pharma is Moderate Buy and the average price target is $207.67, representing an 111.5% upside.

In a report issued on October 21, Oppenheimer also assigned a Buy rating to the stock with a $200 price target.

The company has a one year high of $217.99 and a one year low of $89.76. Currently, Intercept Pharma has an average volume of 407.8K.

Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Rachel Mcminn, the CSO of ICPT sold 129 shares for a total of $15,971.

Intercept Pharmaceuticals, Inc. is a development stage biopharmaceutical company. It focuses on the discovering, developing and commercializing of novel therapeutics to treat chronic liver diseases utilizing its proprietary bile acid chemistry. It develops obeticholic acid, a bile acid analog that is in Phase III clinical trials for the treatment of primary biliary cirrhosis; in Phase IIa clinical trial to treat portal hypertension; in Phase II clinical trial for the treatment of alcoholic hepatitis; in Phase IIb clinical trial for the treatment of nonalcoholic steatohepatitis; and in Phase IIa clinical trial to treat bile acid diarrhea. Intercept Pharmaceuticals was founded by Mark E. Pruzanski and Roberto Pellicciari on September 4, 2002 and is headquartered in New York, NY.