The NASH arena is getting pruned. After the success of ICPT's phase-2 FLINT study a couple of years ago, a dozen or more companies jumped on the NASH bandwagon, pushing various kinds of hokey MoAs. NASH is a complex, multifaceted disease, so it was almost certain that most of these efforts would fail.
As you noted, ENTA's NASH drug has the same MoA as ICPT's.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”