Why Genfit Stock Is Skyrocketing Today

Shares of Genfit (NASDAQ: GNFT) were skyrocketing 25% higher at 11:58 a.m. EST on Wednesday. The big jump came after the company announced positive results from a phase 2 study evaluating elafibranor in treating primary biliary cholangitis (PBC), an autoimmune disease that causes scarring of bile ducts in the liver.

Genfit's phase 2 results, published in the Journal of Hepatology, showed that elafibranor achieved the study's primary endpoint of alkaline phosphatase (ALP) reduction in patients with PBC who previously took ursodeoxycholic acid (UDCA) for their condition. ALP levels are a key measure in determining the severity of liver disease. The data also indicated that elafibranor was generally well tolerated.

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