B. Riley upgraded Intercept Pharmaceuticals Inc (NASDAQ:ICPT) to Buy from Neutral with a price target of $30, up from $25.
- Analyst Mayank Mamtani sees a "catalyst rich" 1H of 2022 for the Company.
- The analyst notes the upcoming topline Phase 3 MAESTRONAFLD-1 study readout in F2/F3 pre-cirrhotic nonalcoholic steatohepatitis and Phase 3 REVERSE study readout in F4 compensated cirrhotic NASH.
- Related: Intercept Reports Narrower Q3 Loss; Raises Ocaliva Annual Sales Guidance.
- Last Month, Intercept Pharmaceuticals withdrew its European marketing application seeking approval for obeticholic acid (OCA) for liver fibrosis due to nonalcoholic steatohepatitis (NASH).
- Additionally, the analyst believes Intercept's continued year-over-year revenue growth for its primary biliary cholangitis franchise will catalyze its shift to sustained positive cash flow.
- This is "particularly attractive amid biotech sector volatility," Mamtani writes.
- Price Action: ICPT shares are trading 11.60% higher at $16.74 during the market session on the last check Tuesday.
