Intercept tumbles after FDA panel votes against approval of fatty liver disease drug

Intercept Pharmaceuticals

22/05/2023 13:08

** Shares of biotech firm Intercept Pharmaceuticals Inc
 ICPT.O  sheds 16% to $11.42 premarket 
    ** U.S. FDA's advisory panel votes against recommending
accelerated approval for co's obeticholic acid (OCA) as
treatment of a type of fatty liver disease called NASH
(non-alcoholic steatohepatitis)
    ** U.S. FDA panel says study data suggests benefits of co's
drug does not outweigh the risks in patients 
    ** Four of 16 brokerages rate the stock "buy" or higher, 10
"hold" and two "sell"; their median PT is $19.5 - Refinitiv data
    ** Up to last close, stock had risen 9.6% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))