Intercept Pharmaceuticals Inc (NASDAQ:ICPT) shares are up big in morning trading upon acquisition rumors that have emerged and been made public by the Daily Mail. According to the report, the company has hired JPMorgan to help in determining if a potential acquisition would be beneficial to the company.
Intercept Pharmaceuticals Inc (NASDAQ:ICPT) is a New York headquartered biopharmaceutical company that was founded in 2002. Run by CEO Mark Pruzanski, they are known for a product called Obeticholic acid (OCA) which recently received FDA approval for the treatment of liver disease.
The stock is up 16.04% or $22.4 following the news, hitting $162.08 per share. About 698,899 shares traded hands or up 41.71% from the average. ICPT has declined 52.41% since May 12, 2015 and is currently downtrending. It has underperformed the S&P500 by 48.73%.
From a total of 7 analysts covering Intercept Pharmaceuticals (NASDAQ:ICPT) stock, 2 rate it a “Buy”, 2 a “Sell”, and 3 a “Hold”. This means that 29% of the ratings are positive. The highest target price is $375 while the lowest target price is $165. The mean of all analyst targets is $231.96 which is 43.11% above today’s ($162.08) stock price. Intercept Pharmaceuticals was the topic of 9 analyst reports since August 10, 2015 according to the firm StockzIntelligence Inc. Wells Fargo initiated shares on December 4 with a “Market Perform” rating. Morgan Stanley initiated shares with a”Underweight” rating and a $165 target share price in their report from an August 13. FBR Capital maintained ICPT stock in a recent report from November 11 with a “Mkt Perform” rating. Finally, Vetr upgraded the stock to a “Strong-Buy” rating in a report they issued on a September 22.
The institutional sentiment decreased to 1.31 in Q2 2015. It’s down 0.10, from 1.41 in 2015Q2. The ratio is negative, as 37 funds sold all their Intercept Pharmaceuticals Inc shares they owned while 40 reduced their positions. 20 funds bought stakes while 81 increased their total positions. Institutions now own 18.34 million shares which is 3.40% more than the previous share count of 17.73 million in 2015Q2.
Carmignac Gestion holds 2.77% of its total portfolio in Intercept Pharmaceuticals Inc, equating to 1.32 million shares. Orbimed Advisors Llc owns 1.12 million shares representing 1.88% of their total US portfolio. Moreover, Sectoral Asset Management Inc has 1.67% of their total portfolio invested in the company, equating to 219,647 shares. The Switzerland-based Bb Biotech Ag has a total of 1.11% of their portfolio invested in the stock. Rhenman & Partners Asset Management Ab, a Sweden-based fund reported 32,000 shares owned.
Intercept Pharmaceuticals, Inc. is a biopharmaceutical company. The company has a market cap of $3.33 billion. The Firm is focused on the development and commercialization of therapeutics to treat chronic liver diseases utilizing its bile acid chemistry. It currently has negative earnings. The Company’s product candidate, obeticholic acid , is a bile acid analog, a chemical substance that has a structure based on a naturally occurring human bile acid that selectively binds to and activates the farnesoid X receptor (FXR).