As previously reported, Morgan Stanley downgraded Intercept to Underweight from Equal Weight. Analyst Andrew Berens said the FDA panel endorsed Ocaliva in primary biliary cholangitis, or PBC, but failed to support usage in advanced PBC patients due to lack of data supporting efficacy, combined with safety concerns. The lack of endorsement by the panel will have important commercial implications and could impact the PBC label and launch, as well as usage in NASH cirrhotics, the analyst said. Berens lowered his price target on Intercept shares to $80 from $100.