Laidlaw analyst Francois Brisebois upgraded Intercept Pharmaceuticals to Buy and raised his price target for the shares to $130 from $99. The company recently announced that its “highly anticipated” Phase 3 Regenerate topline interim analysis in nonalcoholic steatohepatitis with advanced fibrosis is anticipated in Q1 versus the prior guidance of second half of 2019, Brisebois tells investors in a research note. A readout at the earlier part of guidance is a “significant positive” as it represents management’s ability to deliver on timelines for their main value driver, says the analyst. Brisebois sees Intercept’s upcoming date readout as “relatively de-risked.” He’s also encouraged by Intercept’s acquisition of Aralez Pharmaceuticals’ license to develop and commercialize bezafibrate in the U.S.
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