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Stock Market & Financial Investment News

News Breaks
May 15, 2014
10:04 EDTICPT, GALTIntercept rises after analyst targets shares to more than double
Shares of drugmaker Intercept Pharmaceuticals (ICPT) are climbing after research firm Summer Street initiated coverage of the shares with a Buy rating and a $650 price target in a note to investors earlier today. WHAT'S NEW: Intercept's obeticholic acid drug demonstrated such a high level of efficacy as a treatment for nonalcoholic steatohepatitis in a Phase II study that the trial was stopped early, analyst Jim Molloy wrote. Late stage nonalcoholic steatohepatitis, also known as NASH, affects about 8M people in the U.S. each year and causes victims to die unless they receive liver transplants. It's "hard to overstate the opportunity" for obeticholic acid, wrote Molloy, who predicts that the FDA will approve the drug in the fourth quarter of 2015. He notes that the company is looking at using the drug to treat a variety of other liver related indications as well. OTHERS TO WATCH: Galectin Therapeutics (GALT) has stated that it believes its drug candidates "have the potential to treat NASH and other forms of liver fibrosis." PRICE ACTION: In early trading, Intercept gained $2.57, or 1%, to $273.51.
News For ICPT;GALT From The Last 14 Days
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January 30, 2015
12:45 EDTICPTOn The Fly: Midday Wrap
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09:26 EDTICPTOn The Fly: Pre-market Movers
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08:27 EDTICPTIntercept breakthrough designation a significant positive, says Summer Street
Summer Street views the breakthrough therapy designation from the FDA as a significant positive for Intercept. The firm believes the news supports its thesis that Intercept's OCA is potentially a "game changer" in the treatment of NASH. It keeps a Buy rating on the stock with a $650 price target.
January 29, 2015
19:14 EDTICPTOn The Fly: After Hours Movers
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16:31 EDTICPTIntercept gets breakthrough designation from FDA for steatohepatitis treatment
Intercept Pharmaceuticals announced that its investigational product obeticholic acid, or OCA, has received "breakthrough therapy designation" from the FDA for the treatment of patients with nonalcoholic steatohepatitis, or NASH, with liver fibrosis. This indication constitutes a population of patients with a serious and life-threatening condition reflected by a higher risk of progression to cirrhosis and liver failure. OCA is currently being developed for the treatment of several chronic liver diseases, including primary biliary cirrhosis, NASH and primary sclerosing cholangitis.
January 28, 2015
07:12 EDTGALTRedChip Companies to hold a virtual conference
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January 22, 2015
07:17 EDTICPTIntercept price target lowered to $300 from $500 at Deutsche Bank
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