Why Genfit Shares Soared 150% Today

Why Genfit Shares Soared 150% Today

Genfit SA GNFT shares shot up 150% in the after-hours trading today.

What Happened: The France-based late-stage biopharmaceutical company said in the after-hours Tuesday that positive results from the Phase 2 trial evaluating elafibranor in patients with Primary Biliary Cholangitis have been published.

“These data support the potential for elafibranor as novel treatment in PBC and confirm the rationale of evaluating our compound in this disease in a pivotal Phase 3 trial,” said Carol Addy,  the chief medical officer at Genfit. 

Why It Matters: Elafibranor was given the Breakthrough Therapy designation by the United States Food and Drug Administration as well as Orphan Drug designation by the FDA and the European Medicines Agency.

In September last year, Genfit began enrolment for a global Phase 3 clinical trial of elafibranor in patients with PBC.

The study will evaluate nearly 150 patients following 52 weeks of treatment. Topline data are expected in the first quarter of 2023.

Price Action: On Tuesday, Genfit shares soared 150% in the after-hours to $13 after closing 0.76% lower at $5.20.

Posted In: Elafibranorprimary biliary cholangitisBiotechNewsMoversTrading IdeasGeneral

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