shares of genfit surged premarket friday after the company announced positive results in a phase 3 clinical trial with biopharmaceutical company ipsen the stock rose 27 to 515 premarket as of thursdays close shares are down 47 year to date genfit and ipsen said early friday that they would submit regulatory applications for the drug elafibranor used to treat a rare form of cholestatic liver disease after discussions with the us food and drug administration and the european medicines agency the phase 3 trial for elafibranor met its primary endpoint with half of patients receiving the treatment having a cholestasis response compared with 4 of placebo recipients elafibranor specifically treats primary biliary cholangitis a rare autoimmune cholestatic liver disease which causes bile ducts in the liver to degrade over time and can lead to cirrhosis the trial enrolled 161 patients the companies said the treatment was well tolerated