Shares of Intercept Pharma Rise as BofA Sees US, EU Regulators Giving A Thumbs Up
On Monday, Bank of America released a bullish note on Intercept Pharmaceuticals (NASDAQ: ICPT). Shares trended higher throughout the session, spiking over the $440 level just minutes before the bell. The stock closed up nearly 8 percent.
Analyst Rachel McMinn believes the company should see FDA and EU regulators' support on using reversal of steatohepatitis, with no fibrosis progression, as surrogate histologic endpoint. Intercept's endpoint is to approve non-alcoholic steatohepatitis (NASH) drugs for the pre-cirrhotic population, according to the BofA analyst.
McMinn believes that regulators will need Phase 3 studies for approval, but regulators won't require CV outcomes data prior to approval.
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