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Fly News Breaks for October 28, 2015
ICPT
Oct 28, 2015 | 11:25 EDT
Intercept's Phase 2 trial of Obeticholic Acid in Japanese nonalcoholic steatohepatitis patients "narrowly missed" the primary endpoint but showed the drug is active, Needham analyst Alan Carr tells investors in a research note. Importantly, no change in fibrosis relative to placebo was observed, the analyst adds. Carr continues to expect a positive outcome from the Phase 3 REGENERATE trial and reiterates a Buy rating on Intercept with a $500 price target. The stock is down 7%, or $12.39, to $155.25 in late morning trading.
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