Boston, MA 08/12/2014 (wallstreetpr) – A biopharmaceutical company, Intercept Pharmaceuticals Inc (NASDAQ:ICPT) shares were climbing over 60% in the pre-market trading activities on Tuesday after the company disclosed on Monday after the market closed that its liver drug was effective during the mid-stage trials.
Liver Drug
Intercept Pharmaceuticals Inc (NASDAQ:ICPT) had indicated that obeticholic acid, a drug, was tested in patients, who were non-alcoholic steatohepatitis or NASH, which was known as a liver inflammation form. Currently, there does not appear to be any approved treatment for this.
Intercept Pharmaceuticals said that it had given the drug to 46% of NASH patients, and they did not find any worsening of liver scarring compared to the 21% in the placebo group. After the drug had shown significant statistical improvements in patients, it had stopped the trial on January 9.
Drug Safety
Though the shares of the company jumped significantly after it disclosed the news, the gains were vanished in the following months since investors were more concerned about the side-effects of the drug and preferred to wait for a full clinical trial result.
Oppenheimer analyst Akiva Felt had reportedly told Reuters that the fear among the investors on the safety of the drug has now been put to rest as a result of the latest update from the company. He felt that the trial results were undoubtedly a positive new development.
Intercept Pharmaceuticals Inc (NASDAQ:ICPT) had indicated that it intends to commence late-stage study of the drug during the first half of the next year. The drug is also tested for primary biliary cirrhosis treatment.
Share Price
Shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) closed Monday’s regular trading at $237.18 gaining $2.58 or 1.10% during the regular trading session. The stock started surging in the extended hours of trading on Monday after the company announced its financial results and the positive data on liver drug after the market closed. It had climbed as big as 65%, which was undoubtedly a big thing considering the stock price of $235+. Both in terms of percentage and the value, it was a big gain. The trend continued in the pre-market trading activities too.
