Intercept Pharmaceuticals, Inc. (ICPT) Upgraded at Cantor Fitzgerald
Intercept Pharmaceuticals, Inc. (NASDAQ:ICPT) was upgraded by Cantor Fitzgerald from an “underweight” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $69.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 11.96% from the company’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).””
ICPT has been the subject of a number of other research reports. Royal Bank Of Canada started coverage on shares of Intercept Pharmaceuticals in a research report on Thursday, September 14th. They issued an “outperform” rating and a $244.00 target price for the company. Laidlaw cut their target price on shares of Intercept Pharmaceuticals from $118.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, September 22nd. BidaskClub upgraded shares of Intercept Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Wedbush reiterated a “buy” rating on shares of Intercept Pharmaceuticals in a research report on Monday, July 31st. Finally, Wells Fargo & Company reiterated an “outperform” rating on shares of Intercept Pharmaceuticals in a research report on Wednesday, September 13th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $153.76.
Intercept Pharmaceuticals (NASDAQ:ICPT) last released its earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($2.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.48) by $0.59. Intercept Pharmaceuticals had a negative net margin of 543.35% and a negative return on equity of 135.24%. The company had revenue of $41.33 million during the quarter, compared to the consensus estimate of $36.95 million. During the same quarter in the prior year, the firm earned ($3.59) EPS. The company’s revenue was up 697.9% compared to the same quarter last year.
In related news, CEO Mark Pruzanski sold 1,532 shares of Intercept Pharmaceuticals stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $58.87, for a total value of $90,188.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lisa Bright sold 253 shares of Intercept Pharmaceuticals stock in a transaction on Friday, August 25th. The stock was sold at an average price of $111.31, for a total transaction of $28,161.43. Following the completion of the transaction, the insider now owns 23,324 shares in the company, valued at approximately $2,596,194.44. The disclosure for this sale can be found here. Insiders sold a total of 4,069 shares of company stock worth $325,974 in the last quarter. Insiders own 4.50% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. WFG Advisors LP grew its position in Intercept Pharmaceuticals by 16.4% in the 2nd quarter. WFG Advisors LP now owns 888 shares of the biopharmaceutical company’s stock worth $108,000 after purchasing an additional 125 shares during the last quarter. IFP Advisors Inc grew its position in Intercept Pharmaceuticals by 128.1% in the 2nd quarter. IFP Advisors Inc now owns 1,300 shares of the biopharmaceutical company’s stock worth $157,000 after purchasing an additional 730 shares during the last quarter. Aperio Group LLC acquired a new stake in Intercept Pharmaceuticals in the 2nd quarter worth $212,000. SG Americas Securities LLC acquired a new stake in Intercept Pharmaceuticals in the 2nd quarter worth $235,000. Finally, QCM Cayman Ltd. acquired a new stake in Intercept Pharmaceuticals in the 2nd quarter worth $237,000. Hedge funds and other institutional investors own 82.81% of the company’s stock.
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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