By Cody Miecnikowski
Intercept Pharmaceutical Inc (NASDAQ:ICPT), a clinical stage bio-pharmaceutical company focused on the development and commercialization of novel therapeutics to treat underserved liver diseases, is set to report second quarter 2015 earnings after market close on August 5. Wall Street analysts have been weighing in on ICPT throughout the year as the biopharmaceutical giant makes headway on its lead candidate, obeticholic acid (OCA). Here are the top 6 analyst who cover ICPT:
1. Wedbush analyst Liana Moussatos last shared her views on ICPT on June 30, following the company’s announcement that it has completed its New Drug Application (NDA) filing for its pipeline drug, OCA in primary biliary cirrhosis (PBC.) Moussatos reiterated an Outperform rating on ICPT with a $493 price target, commenting, “with the timing of today’s announcement just making the cut-off of management’s prior guidance window, we expect ICPT shares to rebound slightly on relief that a protracted delay to filing and approval is not forthcoming.” The analyst adds that there is “upside potential” to her estimates “of the eligible patient population as well as pricing.”
Liana Moussatos has rated ICPT a total of 19 times since April 2013, earning a 61% success rate recommending the stock and a +75% average return per ICPT recommendation when measured over a one-year horizon and no benchmark.
2. Jim Birchenough of BMO capital last rated ICPT on May 19 following the review of REGENERATE phase 3 trial design. Birchenough reiterated an Outperform rating in the stock with a $515 price target, commenting that the firm “would be buyers on [today’s] weakness.” The analyst reported, “Following FLINT phase 2b study success we believe that REGENERATE is over-powered to demonstrate OCA benefit at reversing fibrosis and resolving NASH and view the trial as optimally designed for success.” He continues, “While some profit taking may not be surprising following recent ICPT share price performance,” potential “for earlier approval of OCA for PBC over the next 12 months represents a significant upside opportunity on what could approach a $1B opportunity itself.”
Jim Birchenough has rated ICPT a total of 15 times since August 2013, earning a 67% success rate recommending the stock and a +72.6% average return per ICPT recommendation when measured over a one-year horizon and no benchmark.
3. On May 11, Needham analyst Alan Carr reiterated a Buy rating on ICPT with a $500 price target. Carr noted that “The company plans to complete Obeticholic Acid (OCA) rolling NDA submission in Primary Biliary Cirrhosis (PBC) in 2Q15.” He continues, “MAA submission is also on track for this quarter. We expect commercial launch in U.S. in early 2016, followed by E.U. later next year (unch).” The analyst anticipates initiation of “OCA Phase 3 development in NASH around mid-2015, although discussions w/FDA and EMA are still underway.”
Alan Carr has rated ICPT a total of 8 times since August 2013, earning a 50% success rate recommending the stock and a +67.6% average return per ICPT recommendation when measured over a one-year horizon and no benchmark.
4. Oppenheimer analyst Akiva Felt offered his most recent rating on ICPT on June 30 following the announcement that the company completed its NDA filing for OCA in PBC. The analyst reiterated an Outperform rating with a price target of $375, commenting that he believes the odds of approval are high. The analyst continues that the FDA will accept or refuse the filing in 60 days, at which point it will assign a PDUFA date, which Felt thinks will be in June 2016. The analyst concludes that the FDA will call an advisory committee meeting, which could take place in late 2015 or 1Q16.
Akiva Felt has rated ICPT a total of 22 times since June 2013, earning a 68% success rate recommending the stock and a +62.5% average return per ICPT recommendation when measured over a one-year horizon and no benchmark.
5. Brian Skorney of Baird last weighed in on ICPT on June 30, saying that he is incrementally positive on NDA/MAA filing for OCA in PBC. The analyst reiterated an Outperform rating and a $344 price target on ICPT, stating that “Although the PBC indication has become the red-headed stepchild to NASH, we believe the submission to both major global regulatory agencies should create some enthusiasm around shares given the selloff following the announcement of REGENERATE Phase 3 design.”
Brian Skorney has rated ICPT a total of 6 times since December 2014, earning a 67% success rate recommending the stock and a +31.6% average return per ICPT recommendation when measured over a one-year horizon and no benchmark.
6. Janney Capital analyst Chiara Russo last rated ICPT on May 11 following first quarter earnings results. Russo reiterated a Buy rating while bumping her price target from $350 to $363. The analyst stated, “1Q15 could have gone differently for ICPT. Instead, everything went very right.” He commented, “OCA for NASH officially received breakthrough designation from the FDA (not a shock), FLINT subset analysis showed benefit for the sickest NASH patients and that statin use controls elevated LDL cholesterol levels, Genfit data proved unimpressive and with a favorable market, ICPT raised capital not once, but twice.” He concludes that second quarter results should “bring some major milestones as well. We are enjoying this ride.”
Chiara Russo has rated ICPT a total of 4 times since December 2014, earning a 50% success rate recommending the stock and a +21.2% average return per ICPT recommendation when measured over a one-year horizon and no benchmark.
Out of 11 analysts polled by TipRanks, 8 analysts are bullish on ICPT and 3 are neutral. The average 12-month price target for ICPT is $399.82, marking a 51.56% potential upside from where the stock is currently trading. On average, the all-analyst consensus for ICPT is Moderate Buy.