As previously reported, BofA Merrill Lynch analyst Ying Huang downgraded Intercept to Underperform from Neutral, stating that it was disappointing that there was a lack of improvement in fibrosis demonstrated in the Phase 2 NASH trial conducted by the company's partner in Japan. Huang agrees with management's contention that it is hard to compare the population in this trial to that in the Phase 3 REGENERATE trial, but he said that these results do raise questions on OCA's efficacy. While the analyst still thinks OCA is an approvable drug, he struggles to see upside beyond that which is already factored in the stock and cut his price target for shares to $157 from $268.