Intercept Pharmaceuticals, Inc. (ICPT) Downgraded to Market Perform at Wells Fargo & Co
Wells Fargo & Co downgraded shares of Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) from an outperform rating to a market perform rating in a research report released on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $95.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $265.00.
“an increased risk of serious liver injury and death.” The letter resulted in a 25 percent selloff in Intercept’s stock on Thursday, and some Wall Street analyst’s felt it prudent to take action.Wells Fargo’s Jim Birchenough downgraded Intercept’s stock rating from Overweight to Market Perform with a price target slashed from $265 all the way down to $95 as the letter goes beyond a previous warning.The FDA’s letter contains new pieces of information that weren’t included in the prior “Dear Healthcare Provider Letter,” the analyst highlighted. For example, 19 separate deaths have been identified since Ocaliva’s launch in May 2016. The cause of death was worsening primary biliary cholangitis in seven of these cases, cardiovascular disease in one case, with the other cases being unknown.Among the eight cases with a known cause of death, seven of the patients received an incorrect dose, Birchenough continued. In addition, the FDA highlighted 11 cases of serious liver injury, of which six patients were given an incorrect dose resulting in three of the 19 deaths.”We believe that serious events in patients with mild or no baseline liver disease, treated with correct doses of OCALIVA, and the recommendation for increased monitoring could dramatically impact OCALIVA adoption in PBC, and introduces a potential overhang on the development for non alcoholic steatohepatitis (NASH), with phase 3 data not expected until early 2019 and potential increased risk of imbalance in serious adverse events (SAE’s),,” Wells Fargo & Co’s analyst wrote.
Other analysts also recently issued reports about the company. Credit Suisse Group set a $201.00 target price on Intercept Pharmaceuticals and gave the company a buy rating in a report on Saturday, June 3rd. Citigroup Inc. restated a neutral rating and issued a $150.00 price target on shares of Intercept Pharmaceuticals in a research report on Tuesday, September 19th. BidaskClub upgraded Intercept Pharmaceuticals from a hold rating to a buy rating in a research report on Friday, June 23rd. Laidlaw restated a hold rating and issued a $119.00 price target (up previously from $115.00) on shares of Intercept Pharmaceuticals in a research report on Tuesday, August 1st. Finally, Jefferies Group LLC restated a buy rating and issued a $275.00 price target on shares of Intercept Pharmaceuticals in a research report on Sunday, July 30th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Intercept Pharmaceuticals currently has a consensus rating of Hold and an average price target of $174.93.
Intercept Pharmaceuticals (ICPT) opened at 61.59 on Thursday. The firm’s market capitalization is $1.55 billion. The stock has a 50 day moving average price of $106.75 and a 200-day moving average price of $115.74. Intercept Pharmaceuticals has a one year low of $60.97 and a one year high of $172.75.
Intercept Pharmaceuticals (NASDAQ:ICPT) last posted its earnings results on Monday, July 31st. The biopharmaceutical company reported ($3.46) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($3.62) by $0.16. Intercept Pharmaceuticals had a negative return on equity of 135.24% and a negative net margin of 543.35%. The business had revenue of $30.89 million during the quarter, compared to the consensus estimate of $27.50 million. During the same period in the previous year, the business earned ($3.14) EPS. The business’s quarterly revenue was up 459.6% on a year-over-year basis. On average, analysts predict that Intercept Pharmaceuticals will post ($13.91) earnings per share for the current fiscal year.
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In related news, Director Daniel G. Welch sold 217 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $126.76, for a total value of $27,506.92. Following the sale, the director now owns 3,710 shares of the company’s stock, valued at approximately $470,279.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Lisa Bright sold 394 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $121.33, for a total value of $47,804.02. Following the completion of the sale, the insider now directly owns 23,619 shares in the company, valued at approximately $2,865,693.27. The disclosure for this sale can be found here. Insiders have sold a total of 8,013 shares of company stock worth $966,747 in the last three months. Corporate insiders own 4.50% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in Intercept Pharmaceuticals by 0.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,020 shares of the biopharmaceutical company’s stock valued at $229,000 after buying an additional 14 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Intercept Pharmaceuticals by 1.1% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 4,111 shares of the biopharmaceutical company’s stock valued at $498,000 after buying an additional 43 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Intercept Pharmaceuticals by 1.8% in the 2nd quarter. Janney Montgomery Scott LLC now owns 3,435 shares of the biopharmaceutical company’s stock valued at $416,000 after buying an additional 62 shares in the last quarter. WFG Advisors LP lifted its stake in Intercept Pharmaceuticals by 16.4% in the 2nd quarter. WFG Advisors LP now owns 888 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 125 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Intercept Pharmaceuticals by 14.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,047 shares of the biopharmaceutical company’s stock valued at $118,000 after buying an additional 132 shares in the last quarter. 82.19% of the stock is currently 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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