Morgan Stanley analyst Andrew Berens said the changes to the RENGENERATE trial lower the bar and increase the probability of success but also reduce the prospect of a differentiated label. Berens said the amended trial design reduces the likelihood of Ocaliva emerging with a best-in-class status of fibrosis benefit and the slow enrollment suggests larger issues with NASH market development and challenges cultivating the NASH market commercially. The analyst lowered his price target on Intercept to $75 and reiterated his Underweight rating on Intercept shares.