Why Intercept Pharmaceuticals Is Tumbling Today
Intercept Pharmaceuticals (NASDAQ: ICPT), a biotech focused on liver diseases, fell 21% as of 3:26 p.m. EDT Thursday. The fall is traceable to a safety announcement released by the FDA that warns of an increased risk of "serious liver injury and death" when Intercept's liver disease drug Ocaliva is dosed incorrectly.
The announcement was made in response to 19 patient deaths that have been reported by users of the Ocaliva since the drug was first approved for sale in May 2016. In addition, 11 other cases of serious liver injury have also been reported.
This announcement follows a letter that was sent out by Intercept's Chief Medical Officer last week that urged providers to stick to the drug's approved dosing scheduled.
Source: Fool.com
