Citi analyst Joel Beatty lowered his price target for Intercept Pharmaceuticals to $275 saying he sees near-term risk into the FDA panel meeting on April 7. The analyst maintains a 70% probability of success for obeticholic acid approval in primary biliary cirrhosis. However, he sees see risk around the "mixed clinical support in the literature for the surrogate biomarkers used." Intercept shares could give up some of their recent gains, Beatty tells investors in a research note. Nonalcoholic steatohepatitis remains the larger, but longer-term, value driver for the company, he contends. Beatty keeps a Buy rating on Intercept.