Analyst Update: Intercept Pharma, Relypsa, Myriad Genetics

Analysts revised their ratings and price targets on Intercept Pharmaceuticals Inc (ICPT), Relypsa Inc (RLYP), and Myriad Genetics, Inc. (MYGN)

Jun 1, 2016 at 2:38 PM
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Analysts are weighing in on biotech stocks Intercept Pharmaceuticals Inc (NASDAQ:ICPT) and Relypsa Inc (NASDAQ:RLYP), as well as molecular diagnostics firm Myriad Genetics, Inc. (NASDAQ:MYGN). Here's a quick roundup of today's brokerage notes on ICPT, RLYP, and MYGN.

  • Cowen and Company increased its price target on ICPT to $216 from $215 -- its second price-target hike on the stock in as many days. The shares are up 5.6% to $156.71 today, but could run into trouble at the round-number $160 level, which limited their April breakout attempts. On the bright side, Intercept Pharmaceuticals Inc has crossed above its 200-day moving average for the first time since August. Meanwhile, near-term options traders have been unusually call-heavy toward the stock. ICPT's Schaeffer's put/call open interest ratio (SOIR) of 0.42 sits lower than 95% of the past year's readings.
  • RLYP received an upgrade to "neutral" from "underperform" at Mizuho, which also raised its price target on the stock to $20 from $12. The shares have been surging since last week, capitalizing after the U.S. Food and Drug Administration (FDA) snubbed a competitor. In fact, Relypsa Inc is up another 4.3% today at $19.92 and on pace to close above its 200-day moving average, which has alternated roles as both support and resistance over the past year. Still, the shares are off 43% year-over-year, and short interest is sky high.
  • Goldman Sachs raised its price target on MYGN by $1 to $39, after the company announced Tuesday evening that it will acquire breast cancer prognostics specialist Sividon Diagnostics for an upfront cost of 35 million euros, with another 15 million euros payable upon reaching certain performance milestones. Though 1.6% higher at $34.43, Myriad Genetics, Inc. is down 20% in 2016, and has been slumping since hitting a near-term high just shy of the $40 level in mid-April. The stock has been surrounded by pessimism of late, with more than half of analysts maintaining a "hold" or "strong sell" rating, and short interest accounting for over 27% of its total float. Things don't look much sunnier in the options pits, where MYGN has a SOIR of 6.98 -- just 2 percentage points from an annual high -- indicating puts outnumber calls almost 7-to-1 among options expiring in three months or less.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Costco Wholesale Corporation, Whole Foods Market, Inc., and Sarepta Therapeutics Inc and Analyst Downgrades: Nike Inc, Under Armour Inc, and BioMarin Pharmaceutical Inc.

 

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