Intercept Letter Sparks Unnecessary Market Reaction; Maintaining $205 FVE
We are maintaining our $205 fair value estimate for Intercept Pharmaceuticals in light of a recent letter from the firm to prescribers underscoring the different dosing schedules of Ocaliva (obeticholic acid, or OCA) required for different segments of primary biliary cholangitis patients. The letter fed market fear that side effects may limit the commercial potential of OCA in the larger nonalcoholic steatohepatitis market, where the molecule is also being evaluated. We stress that the letter do...Intercept Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of therapeutics to treat progressive non-viral liver diseases. The company's marketed product, Ocaliva? (obeticholic acid or OCA), is an farnesoid X receptor agonist approved in the U.S., the European Union and several other jurisdictions for the treatment of primary biliary cholangitis in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. In addition to, the company is developing OCA for multiple indications, including nonalcoholic steatohepatitis.
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