ICPT - Why Intercept Pharmaceuticals Stock Plunged Today
2023-04-27 15:49:00 ET
Shares of the non-viral liver disease specialist Intercept Pharmaceuticals (NASDAQ: ICPT) are under heavy pressure today. Specifically, the drugmaker's stock was down by 9.7% on exceptionally high volume as of 3:02 p.m. ET Thursday afternoon.
The big loss came in response to weaker-than-expected 2023 first-quarter sales of Intercept's primary biliary cholangitis (PBC) therapy, Ocaliva (obeticholic acid). Intercept reported Q1 Ocaliva net sales of $68 million. Wall Street's consensus sales target, by contrast, stood at approximately $72.7 million for the three-month period prior to today's earnings release.
This relatively modest revenue miss probably isn't the reason Intercept's shares are falling today. Instead, investors appear to be moving to the sidelines ahead of the upcoming advisory committee meeting to be held on May 19, 2023 for obeticholic acid as a treatment for pre-cirrhotic fibrosis due to nonalcoholic steatohepatitis (NASH).
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Why Intercept Pharmaceuticals Stock Plunged Today