Leerink analyst Joseph Schwartz says the 2016 consensus sales estimate of $38M for Intercept may need to come down after the FDA extended the action date for its priority review application of Obeticholic acid in primary biliary cirrhosis/cholangitis by three months to May 29, 2016. The request for additional data is consistent with the historical demands of the Division of Gastroenterology and Inborn Errors Products to the company, Schwartz tells investors in a research note. He views the reignited takeover speculation of Intercept as "not implausible." Continued shares underperformance amid the regulatory uncertainty could encourage an acquirer, Schwartz contends. The analyst keeps a Market Perform rating on the name.