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Intercept Pharmaceuticals (NASDAQ:ICPT) dropped 1.5% on Thursday after an insider sold shares in the company, Analyst Ratings News reports. The company traded as low as $255.00 and last traded at $256.18, with a volume of 574,359 shares. The stock had previously closed at $260.01.

Specifically, CEO Mark Pruzanski sold 10,000 shares of Intercept Pharmaceuticals stock on the open market in a transaction dated Monday, June 2nd. The shares were sold at an average price of $230.60, for a total transaction of $2,306,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

ICPT has been the subject of a number of recent research reports. Analysts at Summer Street initiated coverage on shares of Intercept Pharmaceuticals in a research note on Thursday, May 15th. They set a “buy” rating and a $650.00 price target on the stock. Separately, analysts at Oppenheimer cut their price target on shares of Intercept Pharmaceuticals from $525.00 to $499.00 in a research note on Thursday, May 8th. They now have an “outperform” rating on the stock. Finally, analysts at Needham & Company LLC reiterated a “buy” rating on shares of Intercept Pharmaceuticals in a research note on Monday, April 14th. Six equities research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average target price of $585.67.

The stock’s 50-day moving average is $251.4 and its 200-day moving average is $250.4. The company’s market cap is $5.393 billion. Intercept Pharmaceuticals also was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 740,868 shares, a growth of 34.0% from the April 30th total of 553,089 shares. Currently, 5.7% of the company’s stock are sold short. Based on an average trading volume of 383,148 shares, the days-to-cover ratio is presently 1.9 days.

Intercept Pharmaceuticals (NASDAQ:ICPT) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($1.59) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.72) by $0.87. Analysts expect that Intercept Pharmaceuticals will post $-13.40 EPS for the current fiscal year.

Intercept Pharmaceuticals, Inc is a biopharmaceutical company focused on the development and commercialization of therapeutics to treat chronic liver diseases utilizing its bile acid chemistry.

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