Intercept Pharma Shares Drop 2% Despite Q2 Profit, Revenue Beats And Positive Clinical Trial Results

Intercept Pharmaceuticals Inc. shares dropped 2.3% in premarket trade Monday despite the company reporting second-quarter profit and revenue beats and news that a mid-stage clinical trial met its primary endpoint. The company said it had a loss of $86.56 million, or a loss of $3.46 per share, after a loss of $77.30 million, or a loss of $3.14 per share in the year-earlier period. The FactSet consensus was for a loss per share of $3.65. Revenue rose to $30.9 million from $5.5 million in the year-earlier period, above FactSet expectation of $27.5 million. Intercept Pharma also said early Monday that its mid-stage clinical trial for its obeticholic acid therapy in the rare liver disease primary sclerosing cholangitis met its primary endpoint. Full results will be shared at an upcoming scientific conference, the company said. The trial, which enrolled 77 patients with the rare disease, has an ongoing two-year safety extension phase. Intercept Pharma shares have surged 20.2% to $135.03 per share over the last three months, compared with a 3.7% rise in the S&P 500 .