Maintaining $150 FVE and No-Moat Rating for Intercept; Shares Undervalued
We are maintaining our fair value estimate of $150 per share for Intercept, an emerging biotechnology company with obeticholic acid, a lead candidate to treat nonalcoholic steatohepatitis, or NASH. NASH is a massive market opportunity that could exceed $30 billion, by our estimates, and will likely support multiple therapies and combinations. We are also reiterating Intercept's no-moat rating and stable moat trend. Despite appreciation of over 20% year to date, shares continue to look undervalue...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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