Stock Alert: Intercept Pharmaceuticals Down 14%

(RTTNews) - Shares of Intercept Pharmaceuticals Inc. (ICPT) tanked nearly 14% on Friday morning after the pharma company said that FDA has postponed its advisor committee meeting for new liver disease drug.

ICPT is currently trading at $78.95, down $12.74 or 13.89%, on the Nasdaq.

Intercept Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases.

The company said the U.S. Food and Drug Administration has notified that advisory committee meeting scheduled for June 9, 2020 related to the new drug application for obeticholic acid for the treatment of liver fibrosis has been postponed.

The postponement will accommodate the review of additional data requested by the FDA that the company intends to submit within the next week.

The FDA has indicated that it will reach out to Intercept in the near future with a new proposed AdCom date.

Intercept now anticipates that the FDA's review of its NDA will extend beyond the Prescription Drug User Fee Act (PDUFA) target action date of June 26, 2020.

"While this delay was unanticipated, following our most recent dialogue with the FDA we believe that the additional data being submitted will be important in facilitating a more informed discussion at the AdCom," said Mark Pruzanski, M.D., President and Chief Executive Officer of Intercept.