Here's Why Intercept Pharmaceuticals Is Tumbling Today
Shares of Intercept Pharmaceuticals (NASDAQ: ICPT), a commercial stage biotech focused on liver diseases, declined by 17% as of 10:30 a.m. EDT Tuesday. The fall is attributable to a letter that was sent by the company's Chief Medical Officer to the medical community which urges physicians to adhere to the FDA-approved dosing schedule for the company's one and only product Ocaliva.
Ocaliva was approved by the FDA in May 2016 to treat primary biliary cholangitis, a rare liver disease that results in the gradual destruction of the bile ducts.
While sales of Ocaliva have grown rapidly since launch, Intercept's Chief Medical Officer Dr. David Shapiro recently sent a letter to healthcare providers that urges them to stick to the product's strict FDA approved dosing schedule.
Source: Fool.com
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