“We don’t just like the new data, we love it,” Roth Capital analyst Yasmeen Rahimi writes in a research note following this morning’s data release from Intercept Pharmaceuticals Three-fold more patients in the 25mg obeticholic acid group achieved fibrosis improvements equal to or greater than two stages versus placebo, Rahimi points out. Some payers may grant higher pricing for drugs with strong potency, and further, this “one-line” efficacy data is going to drive adoption, contends the analyst. With that said, Rahim also found “more color for the angry bears.” Pruritus incidence across groups highest in first three months and decreased afterwards, she notes. Further, LDL-C peaked at week four of 22.6mg/dL but approached baseline at month 18. The analyst, however, calls this “no big deal.” She keeps a Buy rating on Intercept with a $192 price target. The stock in morning trading is down 12%, or $14.42, to $106.26.
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