As previously reported, Needham analyst Alan Carr downgraded Intercept to Hold from Buy, saying that while IMS data suggests Ocaliva PBC launch is progressing well, a "substantial shift" upwards will be needed to drive investor enthusiasm in 2017. The analyst expects a favorable outcome for Ocaliva Phase 3 NASH trial, but notes that interim top-line results are not expected until Q1 of 2019 under current enrollment guidance and sees a risk this may be delayed well into 2019. Moreover, Carr does not believe positive data from INT767 Phase 1 trial or Ocaliva Phase 2 trials are likely to have a "durable impact" on the stock in 2017.