Intercept downgraded to Sell from Neutral at H.C. Wainwright

H.C. Wainwright analyst Ed Arce downgraded Intercept Pharmaceuticals to Sell from Neutral with a price target of $25, down from $46, after the company disclosed that its Chief Medical Officer Jason Campagna has decided to resign effective March 5. Campagna’s two-week notice “represents the clearest sign yet that the long-term future of Ocaliva is in serious doubt,” Arce tells investors in a research note. The analyst believes the ongoing feedback from the FDA, since the Type A end-of-review meeting last year and in more recent communications since, likely points to a “difficult road ahead” for any potential resubmission of the application for Ocaliva in nonalcoholic steatohepatitis.