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Intercept Pharmaceuticals, Inc.

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Intercept received a boost with the approval of Ocaliva in 2016 and the initial uptake of Ocaliva has been encouraging. Sales of the drug should pick up further in 2017. The PBC market holds strong potential.  We are also encouraged by Intercept’s efforts to develop the drug for additional indications. Moreover, the company’s share outperformed the industry in the last 3 months. The company does not expect much contribution from international markets in 2017 and most of it will be loaded in the second half as it works to obtain reimbursements in various European countries. However, expenses are expected to continue to rise as the company invests in commercial activities related to Ocaliva. We also remain concerned about the lack of other late-stage candidates in Intercept’s pipeline. Loss estimates for 2017 have widened in the last thirty days.

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