Raymond James says to ‘back up the truck’ on Intercept pre-Regenerate data

Raymond James analyst Steven Seedhouse upgraded Intercept to Strong Buy from Outperform and raised his price target to $184 from $125. The analyst cites his “unusually high amount of conviction in REGENERATE” trial data, noting that all the attempts to test his confidence in the investment story have only made him more bullish. Seedhouse states the Street has not fully accepted his expectation that the data will not be a headwind to the program’s success, adding that his key questions heading into the release will be around the efficacy on both primary endpoints and the safety profile of the trial.
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