Shares of Intercept Pharmaceuticals (ICPT) are down after UBS analyst Navin Jacob, following a meeting with management, said reimbursement for the company’s nonalcoholic steatohepatitis treatment Ocaliva will take time, especially in Europe. The launch in NASH is likely to be slower than expected, Jacob told investors in a research note. The company does not a “bolus of patients” in NASH like the hepatitis C patient population, Jacob adds. Further, Intercept’s 60-day lockup period related to its May equity offering expired today, according to Bloomberg. Shares of Intercept are down 8%, or $6.14, to $73.63 in midday trading.