Intercept Pharmaceuticals Inc (NASDAQ: ICPT) is having an incredibly strong start in the pre-market hours this morning, and for good reason. The company reported its earnings for the third quarter, beating expectations and causing excitement among investors. Of course, our partners at Trade Ideas were the first to alert us to the gains. Today, we’ll talk about what we saw from earnings, how the stock reacted to the news and what we’ll be watching ahead with regard to ICPT.
ICPT Gains On Strong Earnings
As mentioned above, Intercept Pharmaceuticals is having a relatively strong start to the trading session in the pre-market hours this morning after the company reported positive financial results for the third quarter. Here’s what we saw from the report:
- Earnings Per Share – In terms of earnings per share, ICPT did overwhelmingly well. During the quarter, analysts expected that the company would generate a loss per share in the amount of $3.55. However, the company actually reported a loss of $2.89 per share, beating expectations in a big way.
- Revenue – Revenue also proved to be a big hit. During the third quarter, it was expected that ICPT would generate revenue in the amount of $35.9 million. However, the company actually reported revenue in the amount of $41.3 million, once again, blowing away expectations.
In a statement, Mark Pruzanski, M.D., President and CEO at Intercept Pharmaceuticals, had the following to offer:
“We are pleased with our solid commercial performance, with continued quarter over quarter growth underscoring Ocaliva’s importance as a new treatment option in PBC… We have continued to build our leadership position in NASH and are planning to initiate our Phase 3 cirrhosis trial by the end of this year… The interim analysis in our flagship Phase 3 REGENERATE trial is on track to report in the first half of 2019, and is intended to support the filing of a supplemental new drug application for accelerated approval of OCA in NASH patients with fibrosis. We also recently presented positive results of our Phase 2 AESOP trial in primary sclerosing cholangitis at The Liver Meeting hosted by AASLD, establishing proof-of-concept in another progressive, cholestatic liver disease with high unmet need.”
How The Market Reacted To The News
As we’ve come to expect an time a publicly traded company reports strong earnings, ICPT is having an incredible time in the market as a result. While we are still in the pre-market hours, the stock has seen dramatic gains as investor excitement takes hold. At the moment (8:37), the stock is trading at $64.65 per share after a gain of $3.02 per share or 4.90% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ICPT. In particular, we’re interested in watching ongoing sales growth as well as the progress with regard to the company’s robust pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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