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Editor's notes: Biotech bulls have seemingly left one company behind. Given the potential market should treatments receive approval, CNAT should be trading 100% higher.

The unexpected success of Intercept Pharmaceuticals' (ICPT) Phase IIb trial in non-alcoholic steatohepatitis (also known as NASH) not only propelled those shares, it has brought more attention to liver disease as a therapeutic class and individual biotechs like Conatus Pharmaceuticals (CNAT).

Although Conatus is a one-drug stock at this point, it is pursuing multiple under-treated indications with its lead drug emricasan. Biotech investors can, and do, argue extensively about the odds that a particular drug will make it to market and what kind of revenue it will earn once it makes it there, but there's usually general agreement about pricing and likely dosing. Not so with Conatus, as nobody seems to know how long...

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