Though it's a quiet week on the earnings front, there is plenty to read into on Wall Street this week. Here is what you need to know as Intercept Pharmaceuticals Inc (NASDAQ:ICPT) meets the FDA to discuss a pipeline drug and analysts weigh in on Tesla Motors Inc (NASDAQ:TSLA) following the Model 3 reveal. Lastly, don't miss out as Walgreens Boots Alliance Inc (NASDAQ:WBA) announces earnings on Tuesday morning.
Intercept Pharmaceuticals Inc
This week has much in store in the realm of new and upcoming innovations. Intercept is scheduled to meet with the FDA Advisory Committee on Thursday, April 7 to discuss the company's new pipeline drug meant to treat liver disease, OCA in PBC. Briefing documents for the meeting will be released early this week, with an anticipated focus on the use of surrogate endpoints for the Phase 3 program and increased incidence of pruritus. Although the FDA does not have to follow the recommendation of the Advisory Committee in terms of approving or rejecting drugs, it usually does.
Cowen & Co. analyst Ritu Baral reiterated an Outperfom rating on Intercept with a price target of $212 on March 28. The analyst believes the AdComm meeting will include topics regarding investor expectations, threshold patient refractory, safety, and data regarding an appropriate surrogate for PBC. Going into the meeting, Baral is confident in the company, claiming, “We expect the upcoming AdComm for ICPT's OCA in PBC on April 7th to be positive and to support approval of the drug's May 29 PDUFA.”
According to TipRanks, 6 analysts are currently bullish on Intercept while 4 remain on the sidelines. The average 12-month price target between these 10 analysts is $202, marking a 54% potential upside from where shares last closed.
Tesla Motors Inc
Tesla had a very successful event at the end of last week for its new Model 3 vehicle. Pre-sales for the new model topped first year projections, as the number of pre-order reservations reached a total of 235,000, topping analysts' expectations for the entire year. Due to the excitement surrounding the event, Tesla shares traded about 3% higher on Friday afternoon and the stock's trading volume more than doubled its 30-day average.
