BofA sees $4B market for Intercept's OCA

|About: Intercept Pharmaceuticals (ICPT)|By:, SA News Editor

"This market has the potential to be as big or bigger than Hepatitis C," BofA's Rachel McMinn says, in one of today's most talked about sell-side calls.

"We are assigning a $4B peak sales estimate on obeticholic acid on what we view as extraordinary study results," McMinn says, before adding that "ICPT is making steady progress in securing a confirmatory trial design."

Although this note was released after Thursday's rally (McMinn sees "additional significant upside" even after the quadruple), one can't help but note that the $872 price target represents upside of 1,094% from where the shares were trading earlier this week.

Meanwhile, shares of Intercept Pharmaceuticals (ICPT +68.6%) have managed (incredibly) to extend this morning's rally, and at one point hit $497 — they traded at $73 on Wednesday.

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