Is the Sell-Off of Intercept Pharmaceuticals Stock Overblown?
Last year, a letter written by Chinese scholar Zeng Gong in 1080 sold for more than $30 million. It became the world's most expensive letter. However, a letter issued by Intercept Pharmaceuticals (NASDAQ: ICPT) on Tuesday could be viewed as even more expensive: It knocked more than $350 million off the biotech's market cap.
But was the huge sell-off of Intercept stock overblown? Intercept CEO Mark Pruzanski and chief business and strategy officer Rachel McMinn were already scheduled to speak at the Morgan Stanley healthcare conference on Tuesday before the letter went out. Based on their comments, there is reason to believe that investors overreacted. Here's why.
Image source: Getty Images.
Source: Fool.com
Gilead Sciences Inc Aktie
115,32 €
-0,23 %
Starke Kaufsignale für Gilead Sciences Inc: Keine Sell-Einschätzungen, nur Buy-Einschätzungen.
Die Community prognostiziert für Gilead Sciences Inc ein Kursziel von 128 €, was einen leichten Anstieg gegenüber 115.32 € darstellt.
