Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) continues to soar in the market after the release of positive clinical data, which showed its drug for a lesser known liver disease is effective; increasing prospects of the same being approved by the FDA. The drug released is called OCA and was found to reverse liver damage by essentially reversing liver scarring or fibrosis, which is most of the time known to cause organ failure or cancer.
“[…] the results are very good, better than we thought. This stock has been up a lot and what happens is I think people like exact sciences. They recognize, you know, what it is a lottery, you have a bunch of this stocks, and one of them is going to pay off, and that’s why the stock market is vibrant because when you have a great orphan drug that does do something special you can have this kind of move,” said CNBC’s Jim Cramer.
Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) has already outlined plans to release full trial results on November 10, 2014 at the American Association study of the Liver Diseases conference in Boston. The pharmaceutical company has also outlined plans to target the drug first on Primary Biliary Cirrhosis, a rare form disease known to cause inflammation that destroys the bile ducts in the liver ultimately leading to scarring.
Intercept Pharmaceuticals Inc. (NASDAQ:ICPT)’s stock is already at a high of $295.42 having surged by 24.56% on the release of the positive news awaiting to see the final trading share price as of the close of business. Genfit another French pharmaceutical company has stated that it is developing its own experimental drug, GFT505, which treats NASH.
Genfit and Intercept Pharmaceuticals Inc. (NASDAQ:ICPT) have also stated that plans are underway, to explore partnerships with other drug makers with a view of bringing similar treatment to the market. The release of the positive OCA drug news, looks to have overshadowed dismal quarterly results that the company posted yesterday; having posted an adjusted net loss of $1 a share compared to a net loss of $0.79 reported a year ago.