Intercept patient deaths in-line with historicals, says RBC Capital
RBC Capital analyst Brian Abrahams says the 14 additional deaths reported for patients on Intercept Pharmaceuticals' Ocaliva in the FDA Adverse Event Reporting System database Q2 update are in-line with historical numbers. The analyst says he scanned the data yesterday when the database was initially updated and saw no major deviations from what is typically expected in this severe patient population. The additional reported deaths reflect a rate that is no higher than what has been historically observed for primary biliary cholangitis patients on Ocaliva, and which has appeared to improve following the label update emphasizing proper dosing, Abrahams tells investors in an intraday research note. As such, he does not view the FDA AERS database update as a concern. He continues to recommend buying shares of Intercept into the Regnerate data and keeps am Outperform rating on Intercept Pharmaceuticals. The stock in midday trading is up 2% to $117.25.