NEW YORK (TheStreet) -- JMP Securities lowered its price target on Intercept Pharmaceuticals (ICPT) - Get Report to $200 from $348 and maintained its "market perform" rating on the stock on Wednesday.
The New York-based biopharmaceutical company is focused on the development and commercialization of therapeutics to treat chronic liver diseases.
The reduced price target comes after Intercept reported its 2015 fourth quarter results yesterday.
The company posted a net loss of $3.62 per share, wider than the loss of $3.15 per share analysts' were expecting. Revenue for the period was $0.45 million, lower than Wall Street's expectations of $0.72 million.
Additionally, "ICPT is ramping up its commercial preparedness to launch OCA in PBC ahead of the upcoming FDA Advisory Committee meeting on April 7th. Management continues to guide to a gradual OCA launch in PBC and expects U.S. revenue to begin in June 2016 and ex-U.S. in 2017," JMP Securities said in an analyst note.
The company's drug obeticholic acid (OCA) is for the treatment of primary biliary cirrhosis (PBC), which is a long-term disease of the liver.
The firm continues to recommend the company's shares as it moves forward with the launch of OCA.
Shares of Intercept closed down 5.73% to $112.45 on Wednesday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by a number of negative factors, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ICPT