Shares of Galmed Pharmaceuticals Ltd. nearly tripled in very active premarket trade Tuesday, after the Israel-based biopharmaceutical company said a phase 2b trial of its treatment of non-alcoholic steatohepatitis achieved the endpoints necessary to support a phase 3 trial and a Food and Drug Administration marketing application. The stock rocketed 161% on volume of 1.1 million shares about an hour ahead of the open, compared with the full-day average volume of about 57,000 shares. The company said results from the study showed statistically significant reduction in liver fat by magnetic resonance spectroscopy (MRS) with its Aramchol 400mg versus placebo. "We are excited with the ARREST [trial] results that will enable Galmed to meet with the regulators as soon as possible and discuss the pivotal study design," said Galmed Chief Executive Allen Baharaff. The stock had lost 23.5% year to date through Monday, while the iShares Nasdaq Biotechnology ETF had gained 3.0% and the S&P 500 had tacked on 4.1%.