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Morgan Stanley launched coverage of Intercept Pharmaceuticals (ICPT) with an underperform rating Thursday, saying Wall Street is overestimating the market opportunity in liver disease that Intercept aims to treat. “This is one of our highest-conviction, out-of-consensus calls,” wrote Andrew Berens in his initiation report. “Near term, our concerns focus on the FDA review of Intercept’s lead candidate, obeticholic acid (OCA), for approval in Scalper1 News
Scalper1 News