Wells Fargo analyst Jim Birchenough views the approval and labeling Intercept's Ocaliva as in-line with expectations and supportive of a broad commercial opportunity. The firm's surveys suggest that40%ofallPBCpatientscouldbeimmediate candidates for the drug and physician and patient concern regarding elevated alkaline phosphatase has been under estimated, the analyst tells investors. Consensus estimates understate the likely initial demand for the drug and peak sales estimates of $850M could also prove conservative, according to Birchenough, who keeps an Outperform rating on Intercept.