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Intercept launch tempered by liver toxicity in NASH, says Morgan Stanley
Morgan Stanley analyst Andrew Berens said FDA briefing documents suggest approval of Intercept's obeticholic acid, or OCA, for the treatment of primary biliary cirrhosis, or PBC. However, the analyst said the documents reveal concerns about potential OCA induced liver injury, a major concern for NASH given the dose is 2.5x higher. Additionally, Berens said the disparity between the studied population and expected real world usage, may result in a "tepid" PBC launch. The analyst rates Intercept an Equal Weight with a $100 price target