Since the publication of "The Short Story of Intercept Pharmaceuticals Part I: A Conference Call With Expert Physicians" on January 12th 2014, Intercept's stock price has declined from $445 per share (January 10th closing price) to $295.5 per share or -33%, although we would note that the stock initially corrected to $235 per share or -47% on January 14th.
Now that the crowd euphoria has faded, we amend our bearish view on Intercept Pharmaceuticals (NASDAQ:ICPT) and currently view it as a compelling asymmetric trading opportunity from the long side based on positive topline Phase 3 POISE data that substantially derisks the FXR pathway in chronic liver diseases and increases our confidence in the pharmacology of OCA....
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