Lowering Intercept's FVE to $147 Following Equity Offering; All Eyes on NASH Filing
There were no major surprises in Intercept's first-quarter results, and we are maintaining our fair value estimate of $150 per share, which is driven by the company's potential in nonalcoholic steatohepatitis, or NASH. The no-moat emerging biotech reported $51.8 million in net sales for Ocaliva, its only marketed product, for primary biliary cholangitis. This was slightly higher than our expectations, so we've revised our full-year estimates for Ocaliva to $239 million, which is within managemen...Intercept Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of therapeutics to treat progressive non-viral liver diseases. The company's marketed product, Ocaliva? (obeticholic acid or OCA), is an farnesoid X receptor agonist approved in the U.S., the European Union and several other jurisdictions for the treatment of primary biliary cholangitis in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. In addition to, the company is developing OCA for multiple indications, including nonalcoholic steatohepatitis.
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