B. Riley Beefs Up Intercept Target Price On Catalyst Rich 1H 2022

B. Riley upgraded Intercept Pharmaceuticals Inc ICPT to Buy from Neutral with a price target of $30, up from $25. 

• Analyst Mayank Mamtani sees a "catalyst rich" 1H of 2022 for the Company.
• The analyst notes the upcoming topline Phase 3 MAESTRONAFLD-1 study readout in F2/F3 pre-cirrhotic nonalcoholic steatohepatitis and Phase 3 REVERSE study readout in F4 compensated cirrhotic NASH. 
• Related: Intercept Reports Narrower Q3 Loss; Raises Ocaliva Annual Sales Guidance.
• Last Month, Intercept Pharmaceuticals withdrew its European marketing application seeking approval for obeticholic acid (OCA) for liver fibrosis due to nonalcoholic steatohepatitis (NASH).
• Additionally, the analyst believes Intercept's continued year-over-year revenue growth for its primary biliary cholangitis franchise will catalyze its shift to sustained positive cash flow. 
• This is "particularly attractive amid biotech sector volatility," Mamtani writes.
• Price Action: ICPT shares are trading 11.60% higher at $16.74 during the market session on the last check Tuesday.