Fintel reports that on September 27, 2023, Canaccord Genuity downgraded their outlook for Intercept Pharmaceuticals (NASDAQ:ICPT) from Buy to Hold.

Analyst Price Forecast Suggests 20.04% Downside

As of August 31, 2023, the average one-year price target for Intercept Pharmaceuticals is 14.96. The forecasts range from a low of 10.10 to a high of $21.00. The average price target represents a decrease of 20.04% from its latest reported closing price of 18.71.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Intercept Pharmaceuticals is 333MM, an increase of 8.65%. The projected annual non-GAAP EPS is -2.70.

What is the Fund Sentiment?

There are 294 funds or institutions reporting positions in Intercept Pharmaceuticals. This is a decrease of 33 owner(s) or 10.09% in the last quarter. Average portfolio weight of all funds dedicated to ICPT is 0.12%, an increase of 121.55%. Total shares owned by institutions increased in the last three months by 14.58% to 36,800K shares. The put/call ratio of ICPT is 1.51, indicating a bearish outlook.

What are Other Shareholders Doing?

XBI – SPDR(R) S&P(R) Biotech ETF holds 3,558K shares representing 8.52% ownership of the company. In it’s prior filing, the firm reported owning 2,416K shares, representing an increase of 32.11%. The firm increased its portfolio allocation in ICPT by 20.74% over the last quarter.

Deerfield Management Company, L.p. holds 2,078K shares representing 4.97% ownership of the company. In it’s prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

UBS Group holds 1,359K shares representing 3.25% ownership of the company. In it’s prior filing, the firm reported owning 123K shares, representing an increase of 90.94%. The firm increased its portfolio allocation in ICPT by 958.01% over the last quarter.

VSEQX – Vanguard Strategic Equity Fund Investor Shares holds 1,320K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 1,078K shares, representing an increase of 18.36%. The firm decreased its portfolio allocation in ICPT by 3.58% over the last quarter.

Caligan Partners holds 1,294K shares representing 3.10% ownership of the company.

Intercept Pharmaceuticals Background Information
(This description is provided by the company.)

Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Founded in 2002 in New York, Intercept has operations in the United States, Europe and Canada.

This article originally appeared on Fintel

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