MARKET PULSE-Intercept Pharma, Exxon, Google, Macy's, Amag

Thu Jan 9, 2014 3:40pm EST
 
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(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)

U.S. stocks dipped on Thursday, weighed by Exxon Mobil and retailers, as an earlier boost from upbeat labor market data lost steam. Dow Jones industrial average futures were down 0.38 percent at 16,345, S&P 500 futures were up 0.03 percent at 1,833 and Nasdaq 100 futures were down 0.67 percent at 3,541.

** INTERCEPT PHARMACEUTICALS INC, $269.99, +272.97 pct

** CONATUS PHARMACEUTICALS INC, $9.3201, +49.36 pct

** GALECTIN THERAPEUTICS INC, $12.47, +47.23 pct

Intercept's drug to treat liver disease caused by fat buildup was found effective in a trial, paving the way for it to become the first approved treatment for the chronic condition.

Shares of biotechnology company Galectin and Conatus, focused on the treatment of liver disease, also jumped on the news.

Aegis Capital Corp analyst Raghuram Selvaraju raised his price target on shares of Galectin by $6 to $16 to reflect the valuation impact of Intercept's success.   Continued...