DWAC - Why Is Intercept Pharmaceuticals (ICPT) Stock Up Today?
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Intercept Pharmaceuticals (NASDAQ:ICPT) stock is on the move Wednesday after giving investors an update on how it improved its financials.
A press release from the biopharmaceutical company covers several recent transactions. These allowed the company to increase its cash position to more than $500 million while also reducing its net debt to $336.3 million.
Intercept Pharmaceuticals started down this path with its Secured Convertible Notes Exchange in August 2021. It then made further progress with the sale of its international business on July 1, 2022. Finally, the company repurchases a large sum of convertible senior notes in August and September of this year.
All of this allowed the company to reduce its outstanding debt by 54%, or $388.9 million, to its current level. This marks the first time since 2019 that the company has been net debt positive since 2019.
What Does the Future Hold for ICPT Stock?
Jerry Durso, president and CEO of Intercept Pharmaceuticals, said the following about the news.
“This is a transformational time on several fronts here at Intercept. Now, through this series of strategic financial transactions, we have transformed our capital structure and are well positioned for the future. We are net debt positive for the first time since 2019 and have the financial flexibility to propel our business forward focusing on our core strategic imperatives of growing our PBC franchise, progressing our NASH development program, and advancing our pipeline products.”
ICPT stock is down 14.5% as of Wednesday morning.
Investors looking for more recent stock market news are in luck!
We’ve got all the hottest stock market news traders need to know about on Wednesday! A few examples include what has shares of Digital World Acquisition (NASDAQ:DWAC), General Mills (NYSE:GIS), and Stitch Fix (NASDAQ:SFIX) stock moving today. You can check out all of that at the following links!
More Wednesday Stock Market News
- Why Did Digital World (DWAC) Stock Plunge on Tuesday?
- GIS Stock Pops as General Mills Raises Full-Year Guidance
- Stitch Fix (SFIX) Stock Sinks Following Disappointing Earnings
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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