Morgan Stanley analyst Andrew Berens noted that Intercept attended the firm's healthcare conference and discussed its recently sent "Dear Healthcare Provider" letter regarding liver toxicity seen with Ocaliva in some PBC patients. Discussion at the event suggests Ocaliva may have direct effect on liver toxicity in the presence of cholestasis and/or high drug levels, according to Berens, who sees this issue having significant implications for the drug, especially in NASH patients, he tells investors. Berens keeps an Underweight rating and $75 price target on Intercept shares, which closed yesterday down 13.5% at $98.12.