Intercept price target lowered to $13 from $14 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Intercept to $13 from $14 and keeps a Sector Perform rating on the shares after the company’s restructuring announcement following the results from its interim analysis of 747-213 trial. Intercept’s planned operating expense cuts look generally in line but incrementally less sharp than the firm had modeled, the analyst tells investors in a research note. New data at EASL from the key life cycle beza+OCA combo regimen also continue to look promising, but its fit could ultimately depend on near-term competitive readouts from other PPARs and how well Intercept is able to find an optimal dose that keeps safety acceptable, RBC added.