Intercept Pharmaceuticals (ICPT) Upgraded to “Hold” at Zacks Investment Research

Intercept Pharmaceuticals (NASDAQ:ICPT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “The approval of Ocaliva was a significant boost for Intercept. Intercept is evaluating Ocaliva for other indications including NASH and PSC. A label expansion of the drug will bode well. However, prescription demand has softened following the Dear Health Care Provider letter and the FDA safety communication on Ocaliva. Recently, some deaths have been reported in PBC patients with moderate or severe hepatic impairment (Child Pugh B or C cirrhosis). However, Intercept conducted an analysis and concluded that these patients were prescribed once daily doses of Ocaliva, which is seven times higher than the recommended weekly dose. The company concluded that deaths occurred due to overdosing. Consequently, Intercept issued the Dear Healthcare Provider letter. Thereafter, the FDA issued their own safety communication to reinforce recommended label dosing. Shares have underperformed the industry in the last six months.”

Other equities research analysts have also issued reports about the company. Cowen reaffirmed a “buy” rating and set a $112.00 target price (down from $232.00) on shares of Intercept Pharmaceuticals in a research report on Friday, September 22nd. Jefferies Group reaffirmed a “buy” rating and set a $275.00 target price on shares of Intercept Pharmaceuticals in a research report on Wednesday, September 20th. Seaport Global Securities reaffirmed a “buy” rating and set a $136.00 target price on shares of Intercept Pharmaceuticals in a research report on Friday, October 6th. Laidlaw raised Intercept Pharmaceuticals from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Wednesday, November 1st. Finally, Wedbush reaffirmed a “buy” rating and set a $253.00 target price on shares of Intercept Pharmaceuticals in a research report on Monday, November 20th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the stock. Intercept Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $140.24.

Intercept Pharmaceuticals (NASDAQ:ICPT) traded down $1.42 on Tuesday, hitting $53.53. The stock had a trading volume of 296,571 shares, compared to its average volume of 951,611. Intercept Pharmaceuticals has a 12 month low of $52.11 and a 12 month high of $135.59. The company has a quick ratio of 5.95, a current ratio of 5.95 and a debt-to-equity ratio of 3.15. The company has a market cap of $1,350.00, a P/E ratio of -3.62 and a beta of -2.05.

Intercept Pharmaceuticals (NASDAQ:ICPT) last announced 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. The company 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 176.51% and a negative net margin of 344.74%. Intercept Pharmaceuticals’s revenue for the quarter was up 697.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($3.59) earnings per share. research analysts expect that Intercept Pharmaceuticals will post -13.36 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of ICPT. Ameriprise Financial Inc. grew its stake in Intercept Pharmaceuticals by 55.0% in the fourth quarter. Ameriprise Financial Inc. now owns 2,863,069 shares of the biopharmaceutical company’s stock valued at $427,601,000 after purchasing an additional 1,016,175 shares in the last quarter. Senvest Management LLC purchased a new position in Intercept Pharmaceuticals in the third quarter valued at about $33,883,000. JPMorgan Chase & Co. grew its stake in Intercept Pharmaceuticals by 198.2% in the second quarter. JPMorgan Chase & Co. now owns 829,438 shares of the biopharmaceutical company’s stock valued at $118,345,000 after purchasing an additional 551,324 shares in the last quarter. Carmignac Gestion grew its stake in Intercept Pharmaceuticals by 19.6% in the second quarter. Carmignac Gestion now owns 1,993,592 shares of the biopharmaceutical company’s stock valued at $284,446,000 after purchasing an additional 326,855 shares in the last quarter. Finally, Norges Bank purchased a new position in Intercept Pharmaceuticals in the fourth quarter valued at about $17,652,000. Hedge funds and other institutional investors own 73.76% of the company’s stock.

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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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