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Sept. 2, 2020, 8:20 a.m. EDT

Intercept shares gain after it announces layoffs

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By Jaimy Lee

Shares of Intercept Pharmaceuticals Inc. /zigman2/quotes/202434567/composite ICPT +3.69% were up 2.2% in premarket trading on Wednesday, the day after the company told investors that it planned to lay off 170 employees, which is one-quarter of its workforce, by the end of the year. The layoffs, which are expected to incur aggregate charges of $18 million, are in response to a complete response letter that Intercept received from the Food and Drug Administration in June for its experimental nonalcoholic steatohepatitis drug. Intercept said in a filing it still plans to pursue FDA approval of the investigational therapy. Shares of Intercept are down 64.1% year-to-date, compared with the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.02% , which has gained 9.1%.

/zigman2/quotes/202434567/composite
US : U.S.: Nasdaq
$ 18.82
+0.67 +3.69%
Volume: 642,349
May 17, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$539.22 million
Rev. per Employee
$847,572
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/zigman2/quotes/210599714/realtime
US : S&P US
4,088.85
+80.84 +2.02%
Volume: 2.46B
May 17, 2022 4:54p
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