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Stock Market & Financial Investment News

News Breaks
August 12, 2014
10:15 EDTICPT, CNATIntercept surges after reporting data for liver disease drug OCA
Shares of drug developer Intercept Pharmaceuticals (ICPT) are sharply higher after data from a trial of its liver disease drug OCA showed improved safety as well as a statistical benefit in reversing liver fibrosis. WHAT'S NEW: In a regulatory filing last night, Intercept disclosed that the National Institute of Diabetes and Digestive and Kidney Diseases, or NIDDK, recently provided the company with a draft manuscript intended for publication that describes the results from the FLINT trial of the company's obeticholic acid, or OCA. The drug is being studied as a treatment for late stage nonalcoholic steatohepatitis, also known as NASH, which affects about 8M people in the U.S. each year and causes victims to die unless they receive liver transplants. The proportion of patients meeting the FLINT primary histological endpoint, defined as a decrease in the NAFLD Activity Score of at least two points with no worsening of fibrosis, was 46% in the OCA treatment group and 21% in the placebo treatment group, the draft manuscript stated. WHAT'S NOTABLE: In late May, shares of Intercept Pharmaceuticals dropped following allegations that the company knew last January that the FLINT trial was halted partially due to patients' abnormal cholesterol levels, but did not disclose the information to investors. ANALYST OPINION: Leerink analyst Joseph Schwartz upgraded shares of Intercept to Outperform from Market Perform after the company provided more detailed top-line FLINT data in its quarterly filing. The analyst said he was encouraged by the removal of the prior imbalance in serious adverse events and that the magnitude of adverse lipid changes was also less than expected. Schwartz increased his estimate that the drug will succeed in being approved as a NASH treatment to an 85% chance from a prior 60% chance and raised his price target on the stock to $445 from $270. Following the trial data, Citibank also issued a note to investors with positive commentary on Intercept. Citi analyst Jonathan Eckard said the biggest surprise in the disclosure was that the updated assessment of the safety data by the NIH, which concluded that there was not an imbalance of cardiovascular events. He viewed this as "a big win" that meaningfully improves the drug's regulatory path. Eckard added that physician sentiment on the drug's potential for fibrosis benefit were very low and he expects that the trial results will cause a "significant shift" in the outlook for OCA among doctors. Citi maintain its Buy rating and $693 price target on shares of Intercept. ANOTHER TO WATCH: Conatus Pharmaceuticals initiated a Phase 2 trial of its own drug, emricasan, in patients with NAFLD including patients with NASH in March and expects top-line results from the Phase 2 trial in the second half of 2014. PRICE ACTION: In early trading, shares of Intercept advanced $70.65, or 29.79%, to $307.92, while Conatus gained 36c, or 4.78%, to $7.90.
News For ICPT;CNAT From The Last 14 Days
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March 27, 2015
08:52 EDTICPTIntercept has positive read through from competitor data, says BMO Capital
After Intercept (ICPT) competitor Genfit announced top-line results from a Phase 2 trial of its oral PPAR agonist GFT505 in NASH, BMO Capital says that Genfit's data was disappointing and will consolidate the lead of Intercept's OCA in NASH. The firm reiterates an Outperform rating on Intercept.
08:45 EDTICPTIntercept opportunity may be questioned after Genfit data, say Leerink
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08:07 EDTICPTIntercept price target raised to $400 from $300 at Deutsche Bank
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March 26, 2015
15:16 EDTCNATConatus price target raised to $9 from $6 at Piper Jaffray
15:07 EDTICPTIntercept's FLINT data more convincing than Gefit data, says RBC Capital
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14:45 EDTICPTIntercept's risk/reward remains favorable, says Citigroup
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13:04 EDTICPTIntercept rallies after GENFIT announces NASH study results
GENFIT announced topline results of the phase 2 GOLDEN-505 trial in NASH. It stated, "Due to the unexpected rate of resolution of NASH in patients randomized to placebo who had early NASH (NAS of 3, placebo response rate>57%), along with the high number of sites for a limited sample size, the study as initially designed did not enable the trial to meet directly the primary endpoint. With correction for this baseline severity and site heterogeneity by a standardized statistical analysis, GFT505 120mg meets the primary endpoint: Reversal on NASH without worsening of fibrosis, as detailed below." Treatment with GFT505 provides a significant beneficial effect on the primary endpoint in the global randomized population, where patients without an end of treatment biopsy were considered as non-responders, GENFIT added. The primary endpoint was also achieved in the evaluable population of patients who underwent both baseline and end of study liver biopsies. Shares of Intercept, which is also developing a NASH treatment, jumped 7%, or $18.06 to $278.70.
12:56 EDTICPTIntercept jumps after Genfit says NASH drug missed endpoint in Phase 2 study
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09:23 EDTCNATOn The Fly: Pre-market Movers
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07:15 EDTCNATConatus says NAFLD/NASH Emricasan trial met primary endpoint
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March 25, 2015
16:55 EDTICPTOrbiMed Advisors lowers stake in Intercept to 5.64% from 7.0%
March 23, 2015
16:05 EDTCNATConatus, Sigma-Aldrich present Emricasan preclinical safety results
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07:22 EDTICPTIntercept price target raised to $265 from $205 at Leerink
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March 20, 2015
09:24 EDTICPTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ctrip.com (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
06:02 EDTICPTIntercept announces new data analyses from FLINT trial
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March 19, 2015
13:07 EDTICPTIntercept to host analyst and investor meeting
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March 18, 2015
09:00 EDTICPTIntercept price target raised to $344 from $258 at RW Baird
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March 17, 2015
10:23 EDTCNATConatus management to meet with JMP Securities
Meeting to be held in Denver on March 17 hosted by JMP Securities.
10:00 EDTICPTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Aimco (AIV) initiated with an Outperform at RW Baird... Alnylam (ALNY) initiated with a Buy at Janney Capital... American Campus (ACC) initiated with a Neutral at RW Baird... AvalonBay (AVB) initiated with a Neutral at RW Baird... BE Aerospace (BEAV) initiated with a Buy at CRT Capital... BlackRock (BLK) initiated with a Buy at Argus... Camden Property (CPT) initiated with an Outperform at RW Baird... CarMax (KMX) initiated with a Buy at Evercore ISI... Central Pacific (CPF) initiated with a Neutral at Macquarie... Cognex (CGNX) initiated with a Buy at Northcoast... Education Realty (EDR) initiated with a Neutral at RW Baird... EnerSys (ENS) initiated with an Overweight at Stephens... Equity Lifestyle (ELS) initiated with an Outperform at RW Baird... Equity Residential (EQR) initiated with a Neutral at RW Baird... Essex Property Trust (ESS) initiated with a Neutral at RW Baird... Facebook (FB) initiated with a Buy at Brean Capital... Intercept (ICPT) initiated with a Hold at MLV & Co.... Isis Pharmaceuticals (ISIS) initiated with a Neutral at Janney Capital... LinkedIn (LNKD) initiated with a Sell at Brean Capital... Mid-America Apartment (MAA) initiated with an Outperform at RW Baird... NetSuite (N) initiated with a Hold at Brean Capital... Paycom (PAYC) initiated with a Buy at Brean Capital... Platform Specialty Products (PAH) initiated with a Buy at UBS... Post Properties (PPS) initiated with a Neutral at RW Baird... Salesforce.com (CRM) initiated with a Hold at Brean Capital... ServiceNow (NOW) initiated with a Buy at Brean Capital... Snap-On (SNA) initiated with a Buy at Northcoast... Sun Communities (SUI) initiated with a Neutral at RW Baird... Twitter (TWTR) initiated with a Buy at Brean Capital... UDR, Inc. (UDR) initiated with an Outperform at RW Baird... Workday (WDAY) initiated with a Hold at Brean Capital... Xplore Technologies (XPLR) initiated with a Buy at Roth Capital... Yahoo (YHOO) initiated with a Hold at Argus.
06:18 EDTICPTIntercept initiated with a Hold at MLV & Co.
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