What happened? Shares of Albireo Pharma (NASDAQ: ALBO) are up by 41.4% as of 11:49 a.m. EDT on Tuesday, after soaring by as much as 79% earlier today. These gains are a result of the biopharmaceutical company reporting positive data from a phase 3 clinical trial for odevixibat, one of its lead pipeline candidates. The study investigated the safety and efficacy of odevixibat as a treatment for progressive familial intrahepatic cholestasis (PFIC). So what PFIC is a rare genetic disease; patients with this condition have difficulty draining bile, a digestive fluid in the liver. The buildup of bile in the liver leads to symptoms such as pruritus (intense itching). There are several forms of PFIC, but Albireo Pharma's phase 3 study focused on PFIC1 and PFIC2. During the trial, odevixibat "reduced serum bile acid responses and improved pruritus assessments," thereby meeting its primary endpoint. Image source: Getty Images. The medicine was also well tolerated and even showed a safety profile comparable to that of a placebo. Said Richard Thompson, principal investigator of the study: "These data demonstrate that odevixibat reduced serum bile acids and improved pruritus in patients with PFIC. Coupled with the favorable safety and tolerability profile odevixibat exhibited, these data underscore the potential to improve upon the current standard of care, which typically consists of off-label medications or invasive surgeries including transplant." Now what There are currently no approved treatments for PFIC, and Albireo Pharma estimates that there are between 8,000 and 10,000 patients suffering from this condition in the U.S. and Europe. And considering the results the healthcare company released today, it seems likely that odevixibat will become the first approved drug for PFIC. Given those factors, it isn't surprising that enthusiastic investors are bidding up shares of Albireo Pharma today. 10 stocks we like better than Albireo Pharma, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Albireo Pharma, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source