Shares of 89bio Inc. ETNB soared about 48% in premarket trading on Wednesday after the company said its experimental treatment for nonalcoholic steatohepatitis (NASH) led to NASH resolution compared to placebo in a Phase 2b clinical trial. The drug, pegozafermin, also demonstrated fibrosis improvement, without worsening of NASH. 89bio said it plans to move the drug into Phase 3 research. There are several mid- and late-stage treatments in development for NASH, with a number of readouts expected this year. The company’s stock is down 14.1% so far this year, while the broader S&P 500 SPX is up 4.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.