Biotech Intercept Pharmaceuticals (ICPT) was trading down sharply Wednesday morning after the first Japanese trial of its fatty-liver-disease drug produced mixed results. The midstage trial, conducted by Intercept’s Japanese partner Dainippon Sumitomo Pharma, divided 200 patients with non-alcoholic steatohepatitis (NASH) into three different dosage groups taking obeticholic acid (OCA), along with a placebo group. The endpoint was an two-point
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
The early backer of companies such as Achillion Pharmaceuticals (ACHN) and Intercept Pharmaceuticals (ICPT) closed a new $500 million fund, the latest sign that biotech venture-capital investing is on course for a record year. Clarus Ventures’ new fund, announced Tuesday, will focus on opthalmology, oncology and rare diseases. It follows funding raises this year of $537 million for Flagship Ventures, $400 million for MPM Capital