Investment Thesis
OCA (obeticholic acid), the only commercialized product of Intercept Pharmaceuticals, Inc. (ICPT), could become the first successful therapy for NASH (nonalcoholic steatohepatitis). The deadly liver disease has no approved cure yet despite its rising prevalence. Currently, OCA is the only FDA-approved therapy for PBC (primary biliary cholangitis), a lethal, but rare liver disease. However, a significant market opportunity awaits OCA as the FDA granted the priority review for the company's recently-filed New Drug Application, setting a PDUFA date for March 2020. The investors look unconvinced though: the stock remains steady gaining