Cowen Downgrades Intercept Pharmaceuticals (NASDAQ:ICPT) to Market Perform

Intercept Pharmaceuticals (NASDAQ:ICPT) was downgraded by analysts at Cowen from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, Marketbeat reports. They presently have a $47.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $149.00. Cowen’s price objective suggests a potential downside of 1.90% from the company’s previous close.

Several other research firms have also issued reports on ICPT. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 target price on shares of Intercept Pharmaceuticals in a research note on Monday, May 11th. Citigroup downgraded shares of Intercept Pharmaceuticals from a “buy” rating to a “neutral” rating and set a $110.00 price objective on the stock. in a research report on Tuesday, May 12th. Raymond James cut shares of Intercept Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Monday. Wells Fargo & Co lowered shares of Intercept Pharmaceuticals from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $146.00 to $46.00 in a report on Monday. Finally, Goldman Sachs Group lowered Intercept Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $150.00 to $60.00 in a report on Monday. Eighteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Intercept Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $81.48.

Shares of ICPT stock opened at $47.91 on Monday. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -4.47 and a beta of 1.82. Intercept Pharmaceuticals has a 52-week low of $44.50 and a 52-week high of $125.00. The company has a quick ratio of 4.19, a current ratio of 4.19 and a debt-to-equity ratio of 10.32. The company’s 50 day moving average is $78.84 and its 200 day moving average is $88.09.

Intercept Pharmaceuticals (NASDAQ:ICPT) last announced its earnings results on Monday, May 11th. The biopharmaceutical company reported ($2.86) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.94) by $0.08. The business had revenue of $72.60 million for the quarter, compared to analysts’ expectations of $69.67 million. Intercept Pharmaceuticals had a negative return on equity of 430.51% and a negative net margin of 127.53%. The business’s revenue for the quarter was up 39.1% on a year-over-year basis. During the same quarter last year, the firm earned ($3.03) EPS. Analysts anticipate that Intercept Pharmaceuticals will post -11.3 EPS for the current fiscal year.

In other news, Director Paolo Fundaro sold 595,578 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $84.60, for a total value of $50,385,898.80. Following the sale, the director now owns 19,433 shares in the company, valued at $1,644,031.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 595,817 shares of company stock worth $50,405,516 over the last ninety days. Insiders own 23.70% of the company’s stock.

Several hedge funds have recently modified their holdings of ICPT. Efficient Wealth Management LLC purchased a new stake in shares of Intercept Pharmaceuticals in the first quarter worth about $31,000. PNC Financial Services Group Inc. lifted its holdings in Intercept Pharmaceuticals by 42.1% in the first quarter. PNC Financial Services Group Inc. now owns 790 shares of the biopharmaceutical company’s stock valued at $49,000 after acquiring an additional 234 shares during the period. First Mercantile Trust Co. boosted its position in Intercept Pharmaceuticals by 17.5% in the 1st quarter. First Mercantile Trust Co. now owns 938 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 140 shares in the last quarter. Credit Agricole S A acquired a new stake in shares of Intercept Pharmaceuticals during the 1st quarter worth approximately $76,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of Intercept Pharmaceuticals during the 4th quarter valued at approximately $41,823,000. 76.46% of the stock is owned by institutional investors and hedge funds.

Intercept Pharmaceuticals Company Profile

Intercept Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics to treat progressive non-viral liver diseases. It markets Ocaliva, an farnesoid X receptor agonist approved in the United States, the European Union, and other jurisdictions for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid in adults.

Read More: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

Analyst Recommendations for Intercept Pharmaceuticals (NASDAQ:ICPT)

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