Genfit stock rallies 20% after hours on data for liver disease drug

Shares of Genfit (NASDAQ:GNFT) shot up 20% in after-hours trading Monday after the biotech company and partner Ipsen (OTCPK:IPSEY) announced the presentation of positive results from a Phase 3 study of their drug elafibranor in the treatment of the rare liver disease primary biliary cholangitis, or PBC.

The data was presented on Monday at the American Association for the Study of Liver Diseases, or AASLD, meeting and was simultaneously published in the New England Journal of Medicine, according to the companies.

Elafibranor received breakthrough therapy designation from the FDA for the treatment of adults with PBC who have had an inadequate response to ursodeoxycholic acid, or UDCA.