Piper Sandler raised the firm’s price target on Intercept Pharmaceuticals to $54 from $49 and keeps an Overweight rating on the shares. Intercept is trading at 3.5-fold discount versus nonalcoholic steatohepatitis peers despite having the closest proximity to potential approval on June 22, the analyst tells investors in a research note. With the stock trading around the company’s cash position of $12 per share and Piper’s "high conviction for approval" in NASH, the firm expects "significant share gains" for Intercept. The FDA panel topics "will be fair and balanced" for obeticholic acid, and eight members could vote in favor of OCA based on their professional/medical backgrounds, contends Piper.
Published first on TheFly
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Read More on ICPT:
- Intercept management to meet with Piper Sandler
- Intercept Announces FDA Advisory Committee Meeting Date for Obeticholic Acid as a Treatment for Pre-Cirrhotic Liver Fibrosis due to NASH
- Intercept announces GIDAC meeting on OCA scheduled for May 19
- Intercept participates in a conference call hosted by Piper Sandler
- Intercept price target raised to $28 from $26 at Raymond James
