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Intercept deal could drag biotech sector out of doldrums, says Oppenheimer
Oppenheimer analyst Akiva Felt noted that Reuters said Intercept (ICPT) is exploring a sale after receiving inbound takeover interest in a note to investors entitled "More ICPT M&A Chatter from a More-Reputable Source." The analyst, who has predicted numerous times in the past that Intercept could attract strategic interest, said that if a competitive deal is actually in the works that he thinks it would be done at a price "well above" the stock's current levels. Felt added that a deal for Intercept, which has been closely linked to biotech's boom and bust cycle, could "breathe some new life" into the space. The analyst has an Outperform rating and $375 price target on Intercept