Jefferies sees Intercept moving higher after ‘mixed’ Gilead data

Jefferies analyst Michael Yee views Gilead Sciences’ (GILD) new six-month nonalcoholic steatohepatitis data as “mixed and undifferentiated.” As such, he thinks shares of Intercept Pharmaceuticals (ICPT) probably continue to move higher. The stock is likely to retrace back up into year-end and the first half of 2019 as Street realizes Intercept’s Phase III will be positive and de-risked, Yee tells investors in a research note. He says the company has had various competitor Farnesoid X receptor data in Phase I/II read out over the past year or and that these have ended up not too differentiated. This has removed some of the competitive overhang on Intercept, the analyst contends. Yee keeps a Buy rating on the shares with a $135 price target.

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