Morgan Stanley analyst Andrew Berens said the FDA communication sent regarding Intercept's Ocaliva suggests that adverse events may be occurring that are not due to dosing errors by doctors or occurring in patients without pre-existing liver disease. While it is possible that the much larger NASH opportunity will remain unaffected, he thinks this is "very unlikely," he tells investors. Following the latest safety communication, Berens has lowered his peak sales estimate for Ocaliva in PBC and cut his view of the probability of success and peak sales in NASH. He also lowered his price target on Intercept to $50 from $75 and keeps an Underweight rating on the shares.