NEW YORK (TheStreet) -- Intercept Pharma (ICPT) shares closed trading up 1.17% to $279.75 in intraday trading on Monday following the release of the New York City-based pharmaceutical company's first quarter earnings results before the opening bell today.
The company reported a first quarter net loss of $39.4 million, or a net loss of $1.78 per share that missed analysts' consensus $1.75 loss per share guidance. Revenue for the period was $1.4 million, more than triple the $428,000 analysts were expecting the company to generate.
Separately, analysts at Needham reiterated their "buy" rating and $500 price target on the stock this morning following the release of the company's financial results.
The company plans to complete Obeticholic Acid (OCA) rolling NDA submission in Primary Biliary Cirrhosis (PBC) in 2Q15. MAA submission is also on track for this quarter. We expect commercial launch in U.S. in early 2016, followed by E.U. later next year (unch). We continue to expect initiation of OCA Phase 3 development in NASH around mid-2015, although discussions w/FDA and EMA are still underway," said analysts at the firm.Intercept ended 1Q15 with $402.0M in cash, up from $239.7 million at YE15. This includes $191.6 million in net proceeds from a public offering in Feb 2015, but excludes $366.8 million in net proceeds from an Apr 2015 public offering. Management guided for 2015 cash burn of $180 - $200 million," they continued.
TheStreet Ratings team rates INTERCEPT PHARMA INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: