Wells Fargo analyst Jim Birchenough upgraded his rating on Intercept Pharmaceuticals to Outperform from Market Perform after the FDA posted briefing documents for obeticholic acid in primary biliary cirrhosis ahead of Thursday's panel review. The issues raised in the briefing document will not prevent a recommendation for approval, Birchenough tells investors in a research note. He views the documents as "benign" and raised his price target range for Intercept shares to $266-$280 from $162-$180. The analyst thinks approval of OCA will "significantly" de-risk development in the drug's "much larger opportunity" of non-alcoholic steatohepatitis. Shares of Intercept are up 10%, or $13.25, to $146.80 in pre-market trading.