Intercept's Q3 Results Highlight Concerns, but Company Remains Well Positioned
Intercept’s third-quarter results revealed slower-than-expected ramp of Ocaliva sales and enrollment for its phase 3 trial evaluating obeticholic acid, or OCA, for the treatment of nonalcoholic steatohepatitis, or NASH. Our $245 per share fair value estimate is primarily driven by our expectations for OCA to enter the larger NASH market in 2019. While we still believe Intercept looks well positioned in the competitive NASH pipeline, which forms the basis of our positive moat trend rating for the...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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