Genfit (NASDAQ: GNFT), a late-stage biopharmaceutical company, reported some disappointing news on Monday regarding one of its leading pipeline candidates, Elafibranor. As a result, the company's stock is falling off a cliff today. Genfit's shares are down by 65.2% as of 12:46 p.m. EDT on Tuesday.
Elafibranor is an investigational treatment for a liver disease called Nonalcoholic steatohepatitis, or NASH for short. Interim analysis of RESOLVE-IT -- a phase 3 clinical trial evaluating Elafibranor in NASH patients -- showed that the treatment failed to achieve statistically significant NASH resolution without worsening of fibrosis (scarring in the lungs) at week 72, which was the primary endpoint of the study.
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Source Fool.com