Following the company's analyst day, UBS analyst Matthew Roden says the risk/reward on shares of Intercept Pharmaceuticals is favorable ahead of potential approval and commercial launch in primary biliary cirrhosis. The company is developing obeticholic acid for the liver disease. The PBC launch provides "better-than-consensus downside protection" should OCA fail in nonalcoholic steatohepatitis, which is unlikely, Roden tells investors in a research note. He keeps a Buy rating on Intercept with a $465 price target. The biopharmaceutical company closed yesterday down $5.06 to $171.45.