Intercept shares gain after it announces layoffs

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Shares of Intercept Pharmaceuticals Inc. 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 , which has gained 9.1%.
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