Intercept shares gain after it announces layoffs

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%.

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Intercept Pharmaceuticals Inc.

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

/zigman2/quotes/210599714/realtime

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S&P 500 Index

US : S&P US

4,088.85

+80.84 +2.02%

Volume: 2.46B

May 17, 2022 4:54p