Conatus Pharmaceuticals Inc. CNAT, +2.56% shares dropped in the extended session after the biotech company said a clinical study of its liver disease treatment did not reach its goals. Conatus shares, which had been halted before the announcement, fell 27% after hours, following a 2.6% gain to close at $6.01 in the regular session. The company said its drug emricasan did not show a significantly better overall response rate compared with placebo in liver transplant patients with fibrosis or cirrhosis. Back in December 2016, shares had more than doubled after the company announced a licensing and collaboration deal with Novartis for emricasan.