Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) was upgraded by investment analysts at Cantor Fitzgerald from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $69.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 10.45% from the stock’s previous close.
The analysts wrote, “Emerging Safety Risks, but PBC Remains Intact. This morning, Intercept reported results demonstrating 3Q17 revenue growth to $36.8 million (excl. $4.1 million one-time increase in deferred revenue) from $31 million in 2Q17. While the FDA warning letter at the end of the quarter potentially shifts the risk-benefit profile of Ocaliva, an analysis of drug scripts provided by Intercept indicates that the sharp drop in scripts around the time of the news has since abated. Net ex-U.S 3Q17 sales increased to $4.7 million from $2.5 million in 2Q17 during the quarter, largely contributed from Germany and France. No formal guidance for the full-year was given, but management noted that they expect sequential quarterly growth for the balance of 2017. While we do not see a negative impact to our long-run commercialization in PBC, we believe the safety events reaffirm the uncertainty for Ocaliva’s use in NASH (where dosing is higher).””
Other research analysts have also issued research reports about the company. BidaskClub upgraded Intercept Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Wedbush reissued a “buy” rating on shares of Intercept Pharmaceuticals in a research note on Monday, July 31st. Jefferies Group LLC reissued a “buy” rating and issued a $275.00 price objective on shares of Intercept Pharmaceuticals in a research note on Sunday, July 30th. Zacks Investment Research raised Intercept Pharmaceuticals from a “hold” rating to a “buy” rating and set a $136.00 price objective for the company in a research note on Tuesday, July 11th. Finally, Cowen and Company reissued a “buy” rating and issued a $112.00 price objective (down from $232.00) on shares of Intercept Pharmaceuticals in a research note on Friday, September 22nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $153.76.
Intercept Pharmaceuticals (NASDAQ:ICPT) last announced its quarterly earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($2.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.48) by $0.59. The business had revenue of $41.33 million for the quarter, compared to analyst estimates of $36.95 million. Intercept Pharmaceuticals had a negative return on equity of 152.78% and a negative net margin of 344.74%. The company’s quarterly revenue was up 697.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($3.59) earnings per share.
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In other news, CEO Mark Pruzanski sold 1,532 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $58.87, for a total value of $90,188.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO David Shapiro sold 1,250 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $117.43, for a total value of $146,787.50. Following the completion of the transaction, the chief marketing officer now directly owns 45,812 shares of the company’s stock, valued at $5,379,703.16. The disclosure for this sale can be found here. Insiders sold 4,069 shares of company stock valued at $325,974 over the last three months. Company insiders own 9.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Birchview Capital LP bought a new position in shares of Intercept Pharmaceuticals in the third quarter worth $250,000. IFP Advisors Inc boosted its holdings in shares of Intercept Pharmaceuticals by 90.9% in the third quarter. IFP Advisors Inc now owns 2,482 shares of the biopharmaceutical company’s stock worth $144,000 after acquiring an additional 1,182 shares during the period. Rothschild Investment Corp IL boosted its holdings in shares of Intercept Pharmaceuticals by 22.0% in the third quarter. Rothschild Investment Corp IL now owns 5,846 shares of the biopharmaceutical company’s stock worth $339,000 after acquiring an additional 1,054 shares during the period. First Trust Advisors LP boosted its holdings in shares of Intercept Pharmaceuticals by 4.5% in the third quarter. First Trust Advisors LP now owns 300,455 shares of the biopharmaceutical company’s stock worth $17,438,000 after acquiring an additional 13,044 shares during the period. Finally, Fox Run Management L.L.C. boosted its holdings in shares of Intercept Pharmaceuticals by 48.3% in the third quarter. Fox Run Management L.L.C. now owns 8,900 shares of the biopharmaceutical company’s stock worth $517,000 after acquiring an additional 2,900 shares during the period. 82.81% of the stock is owned by hedge funds and other institutional investors.
About Intercept Pharmaceuticals
Intercept Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. The Company’s product candidates have the potential to treat orphan and more prevalent diseases for which there are limited therapeutic solutions.
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