Zacks Investment Research upgraded shares of Intercept Pharmaceuticals (NASDAQ:ICPT) from a hold rating to a buy rating in a research report report published on Tuesday. The brokerage currently has $116.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Intercept got a significant boost with the approval of Ocaliva for the treatment of PBC. Although sales had earlier taken a hit due to the safety issues regarding Ocaliva, management’s efforts to increase awareness about the updated level and promote Ocaliva, thereafter, is reaping results. Solid growth in new patient enrollment in the third-quarter should lead to stronger sales in the fourth quarter. Moreover, the company is looking to expand the drug’s label in the promising NASH and PSC space. The phase III NASH program includes the REGENERATE trial among patients with advanced liver fibrosis and the REVERSE trial among patients with compensated cirrhosis. Results from the REGENERATE trial are expected in the first half of 2019. However, we are concerned about the lack of other late-stage candidates in the company’s pipeline. Shares have outperformed the industry in the year so far.”
A number of other analysts have also weighed in on the stock. Wedbush upped their target price on shares of Intercept Pharmaceuticals from $203.00 to $217.00 and gave the stock an outperform rating in a report on Monday, August 6th. ValuEngine raised shares of Intercept Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, September 13th. Cantor Fitzgerald reaffirmed an overweight rating and set a $170.00 target price on shares of Intercept Pharmaceuticals in a report on Monday, October 1st. Roth Capital initiated coverage on shares of Intercept Pharmaceuticals in a report on Wednesday, September 12th. They set a buy rating and a $192.00 target price on the stock. Finally, Goldman Sachs Group raised shares of Intercept Pharmaceuticals from a sell rating to a buy rating and upped their target price for the stock from $46.00 to $157.00 in a report on Monday, August 6th. Eight analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $143.06.
Intercept Pharmaceuticals (NASDAQ:ICPT) last posted its earnings results on Wednesday, October 31st. The biopharmaceutical company reported ($2.18) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($2.65) by $0.47. The business had revenue of $47.00 million for the quarter, compared to analyst estimates of $48.24 million. Intercept Pharmaceuticals had a negative net margin of 202.93% and a negative return on equity of 645.54%. Intercept Pharmaceuticals’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.89) EPS. Research analysts expect that Intercept Pharmaceuticals will post -10 EPS for the current year.
In other news, CEO Mark Pruzanski sold 50,000 shares of the stock in a transaction on Friday, November 16th. The shares were sold at an average price of $101.07, for a total value of $5,053,500.00. Following the transaction, the chief executive officer now owns 589,199 shares of the company’s stock, valued at approximately $59,550,342.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider David Shapiro sold 4,917 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $111.43, for a total transaction of $547,901.31. Following the completion of the transaction, the insider now directly owns 42,196 shares in the company, valued at approximately $4,701,900.28. The disclosure for this sale can be found here. Insiders sold a total of 61,101 shares of company stock worth $6,230,628 in the last three months. Insiders own 4.90% of the company’s stock.
Several large investors have recently modified their holdings of ICPT. Xact Kapitalforvaltning AB bought a new position in shares of Intercept Pharmaceuticals in the 2nd quarter worth $282,000. Creative Planning bought a new position in shares of Intercept Pharmaceuticals in the 2nd quarter worth $314,000. Janney Montgomery Scott LLC increased its holdings in shares of Intercept Pharmaceuticals by 18.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 8,422 shares of the biopharmaceutical company’s stock worth $707,000 after buying an additional 1,285 shares during the last quarter. Tributary Capital Management LLC bought a new position in shares of Intercept Pharmaceuticals in the 2nd quarter worth $755,000. Finally, Sheaff Brock Investment Advisors LLC bought a new position in shares of Intercept Pharmaceuticals in the 2nd quarter worth $264,000. 63.20% of the stock is currently owned by hedge funds and other institutional investors.
About Intercept Pharmaceuticals
Intercept Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics in the United States, Europe, and Canada. Its lead product candidate is obeticholic acid (OCA), a bile acid analog, which has a structure based on a naturally occurring human bile acid that selectively binds to and activates the farnesoid X receptor (FXR).
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