Intercept rises as HC Wainwright upgrades on liver disease drug potential

Intercept Pharmaceuticals

13/07/2023 13:10

** Shares of drugmaker Intercept Pharmaceuticals Inc
 ICPT.O  rise 10.31% to $12.3 premarket
    ** Brokerage H.C. Wainwright upgrades to buy from sell;
raises PT to $19 from $8
    ** Adds interim results from experimental combination of
obeticholic acid (OCA) and bezafibrate look to "breathe new,
longer life" to franchise for primary biliary cholangitis (PBC),
a type of liver disease  
    ** PBC is a chronic disease in which the small bile ducts in
the liver become injured
    ** Brokerage sees potential for the combo therapy to garner
a significant market share 
    ** In June, the FDA declined to grant accelerated approval
to ICPT's drug to treat non-alcoholic steatohepatitis (NASH), a
type of fatty liver disease, following which co said it has
decided to discontinue all NASH-related investment and focus
operations on rare and serious liver diseases
    ** Up to last close, stock down ~10% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))