After finding 10 other drugs that have been the subject of a "Dear Doctor" letter related to liver toxicity issues, Citi analyst Joel Beatty believes concern over Intercept Pharmaceuticals' patient safety letter on Ocaliva is overblown. The risk that Ocaliva will be withdrawn from the market is "very low," and the risk that the drug will get a black box warning isn't as much of a given as it first appear, Beatty tells investors in a research note. Further, he believes the drug can still be commercially successful even with a black box warning. The analyst keeps a Buy rating on Intercept with a $150 price target.