Visium Asset Management Ups Stake in Skyrocketing Intercept Pharmaceuticals Inc (ICPT)

Jacob Gottlieb‘s Visium Asset Management has increased its stake in Intercept Pharmaceuticals Inc (NASDAQ:ICPT), according to an amended filing with the SEC. Gottlieb’s fund now holds 1.04 million shares of Intercept, compared to the 767,015 they previously held. Visium now holds 5.2% of Intercept’s shares.

Intercept Pharmaceuticals is focused on the development and commercialization of therapeutics to treat chronic liver diseases utilizing its bile acid chemistry. Gottlieb upped the company’s stake in Intercept amid news that the company’s liver-disease drug performed well in a clinical trial leading to a near quadrupling of the company’s stock price.

Intercept Pharmaceuticals Inc (NASDAQ:ICPT)

The company recently announced that their decision to halt an experimental drug trial early as patients showed “significant improvement” compared to a placebo.

According to Intercept Pharmaceuticals Inc (NASDAQ:ICPT) Chief Executive and co-founder Mark Pruzanski, “We didn’t expect this. The bar for stopping the study for efficacy was so high from a statistical significance standpoint that on an interim analysis like this, it seemed out of sight. We couldn’t be happier with the result.”

The trial was for a beticholic acid, or OCA, drug. Reportedly, OCA imitates the liver’s naturally occurring protective bile. The drug is designed for patients afflicted with nonalcoholic steatohepatitis. The disease, which has no symptoms initially, can lead to cirrhosis and liver failure. Further, there are no cures for the disease currently.

The drug, called obeticholic acid, or OCA, mimics a naturally occurring human bile acid that Intercept believes has liver-protective properties. The National Institute of Diabetes and Digestive and Kidney Diseases sponsored a clinical trial of the drug in patients with a condition known as nonalcoholic steatohepatitis, which involves fat accumulation in the liver that can cause inflammation and lead to the more serious conditions of cirrhosis and liver failure. The disease progresses over many years and often has no symptoms in the early stages. Further, 2-5% of Americans suffer from nonalcoholic steatohepatitis.

Intercept Pharmaceuticals Inc (NASDAQ:ICPT)’s stock is up an incredible 717% over the past year and more than 350% over the past month. The 45-person company is yet to put a product on the market, even though it was founded in 2002. According to FactSet Research Systems Inc, the company recently experienced the most significant single-day jim among companies of at least $1 billion in market value since 2012.

In addition to Visium Asset Management, Steve Cohen is also bullish on Intercept Pharmaceuticals Inc (NASDAQ:ICPT): His SAC Capital Advisors opened a 5.3% position in the company in November. Missing out on the rally, in part, was Samuel Isaly’s Orbimed Advisors. In late October, Orbimed unloaded a part of its shares of the Intercept. Even though, following the sale, Orbimed still owns around 1.7 million shares of the company, its stake is significantly lower than 2.15 million shares held at the end of September according to latest 13F.

Disclosure: None

Recommended Reading:

Ariel Investments Boosts its Exposure to Rosetta Stone Inc (RST), Spartan Motors Inc (SPAR) and Sigma Designs Inc (SIGM)

First Eagle Investment Management Slices Stake in UniFirst Corp (UNF)

Ardsley Partners Increases Holding in World Energy Solutions, Inc. (XWES)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 44 percentage points in 21 months Learn how!

Lists

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

Top 5 Digital Trends for 2014

Top 6 Things You Can Do To Increase Your Productivity

Top 9 Trending Smartphones in 2013

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!