Piper Sandler analyst Yasmeen Rahimi is “surprised” shares of Intercept Pharmaceuticals are trading lower following this morning’s data. It is not clear to investors that there is a good risk/benefit profile of OCA despite the “compelling” data, Rahimi tells investors in a research note. The analyst says re-analysis with a three-person biopsy readout shows consistent efficacy as the original analysis where the study met the primary endpoint of fibrosis improvement. She believes that the “significantly larger” safety database and the consistent efficacy of OCA may be viewed favorably by the FDA and could lead to its approval. Intercept is walking into its FDA meeting with a “much stronger safety data package and a 3.4X greater OCA exposure than before,” writes Rahimi. She keeps an Overweight rating on the shares with an $82 price target. The stock in morning trading is now little changed at $15.26.