Efruxifermin was not statistically significant in topping the placebo in improving liver scarring without worsening of NASH, resulting in shares tumbling.
The disappointing update from Akero also dragged down shares of its rival 89bio Inc (NASDAQ:ETNB).
Both companies are testing drugs that mimic a metabolic hormone called FGF21 NASH.
Last month, 89bio's pegozafermin received an FDA Breakthrough Therapy Designation for nonalcoholic steatohepatitis.
Price Action: ETNB shares are down 34.5% at $10.17 on the last check Tuesday.
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