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Why Intercept Pharmaceuticals (ICPT) Stock is Spiking Today

NEW YORK (TheStreet) -- Shares of Intercept Pharmaceuticals (ICPT - Get Report) are soaring by 14.88% to $153.42 on heavy trading volume Tuesday afternoon, as the FDA's staff reviewers supported the use of its liver drug obeticholic acid (OCA) as a monotherapy in patients who did not respond to the standard treatment, Reuters reports.

The drug is being evaluated for use in patients with primary biliary cirrhosis (PBC), an autoimmune disease of the liver that results in the destruction of small bile ducts.

The agency's staff reviewers said they could not assess the drug's safety in more several affected patients and recommend a less frequent starting dose for these...