Relaunching Coverage of Intercept With Tempered Moat Trend and FVE Outlook
We are relaunching coverage of Intercept Pharmaceuticals, a biotech firm focused on drug development for chronic liver diseases. While our no-moat rating is unchanged, we are lowering our moat trend rating to stable from positive to account for an increasingly crowded pipeline of drugs for nonalcoholic steatohepatitis, or NASH, and side effect concerns with Intercept’s drug obeticholic acid, or OCA. In addition, we recently lowered our fair value estimate to $205 per share from $245 to reflect O...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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