Friday, 27 March 2015 14:44
PARIS: Shares in French drugmaker Genfit opened down 42 percent on Friday after its liver disease drug failed a mid-stage trial.
By 0844 GMT, the stock had recovered some ground to stand down 33 percent, nearly wiping out gains so far this year.
The company was worth 1.23 billion euros ($ 1.33 billion) at the close of trading on Thursday Genfit said on Thursday that its treatment for liver disease NASH had failed a midstage trial due to its inclusion of many patients with a mild form of the disease.
“Since the stock had risen a lot on hopes for this study, so the disappointment is all the greater,” a dealer in Paris said.
“Investors prefer to sell for now rather than wait for clear explanations.”
Copyright Reuters, 2015
