Shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) are down big this afternoon after a general market decline has led the stock to new 52-week lows. The company’s stock, which has a current market cap of around $3.7 billion, has plunged over the last eight months. Since May the stock is down a nearly 60% and 2016 certainly is not turning out to be a great year in the early going.
We will be watching shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) carefully over the next few weeks to see if a rebound is in store. A similar dip like this took place back in the middle of December and the stock quickly shot back up within a matter of a day. The stock is down 7.72% or $11.69 following the news, hitting $139.75 per share. Approximately 339,188 shares traded hands. ICPT shares have declined 39.83% since June 2, 2015 and are currently downtrending. It has underperformed the S&P500 by 35.13%.
From a total of 8 analysts covering Intercept Pharmaceuticals (NASDAQ:ICPT) stock, 3 rate it a “Buy”, 2 a “Sell”, and 3 a “Hold”. This means that 38% 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 $251.30 which is 79.82% above today’s ($139.75) stock price. Intercept Pharmaceuticals was the topic of 10 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 $3.71 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).