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Intercept Pharmaceuticals, Inc.

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Intercept got a significant boost with the approval of Ocaliva for the treatment of PBC.  Although sales had earlier taken a hit due to the safety issues regarding Ocaliva, management’s efforts to increase awareness about the updated level and promote Ocaliva, thereafter, is reaping results. Solid growth in new patient enrollment in the third-quarter should lead to stronger sales in the fourth quarter. Moreover, the company is looking to expand the drug’s label in the promising NASH  and PSC space. The phase III NASH program includes the REGENERATE trial among patients with advanced liver fibrosis and the REVERSE trial among patients with compensated cirrhosis. Results from the REGENERATE trial are expected in the first half of 2019. However, we are concerned about the lack of other late-stage candidates in the company’s pipeline. Shares have outperformed the industry in the year so far.


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