Intercept Pharmaceuticals (NASDAQ:ICPT) has been downgraded to hold by Canaccord Genuity in the wake of news that the biotech group has agreed to be acquired by Alfasigma for $19 per share in cash.

Canaccord said in a note that it believes the deal is the “best possible outcome” for Intercept, as obeticholic is no longer being pursued as a treatment for NASH and its drug Oclavia potentially facing “stiff competition in the not-too-distant future.”

Calling the deal a “win-win” for the company and investors, Canaccord said the $19 per share price was just slightly below its 12-month price target of $20. As a result, it was reducing its rating to hold, with a price target of $19.

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• Source: https://seekingalpha.com/news/4015612-canaccord-cuts-intercept-to-hold-calls-alfasigma-deal-best-possible-outcome?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news