Analyst Paul Choi of Goldman Sachs maintained a Sell rating on FibroGen (FGEN – Research Report), with a price target of $2.00.
Paul Choi’s rating is based on a cautious outlook regarding FibroGen’s product pipeline and recent clinical setbacks. The assessment follows a review of the company’s pancreatic cancer program, particularly the late-stage studies of the drug pamrevlumab. Despite recognizing the significant unmet medical need in the treatment of pancreatic cancer and the potential for substantial gains if clinical trials succeed, Choi remains skeptical due to the drug’s previous failures in addressing Duchenne Muscular Dystrophy (DMD) and Idiopathic Pulmonary Fibrosis (IPF).
Choi’s Sell rating also takes into account the mechanistic concerns that arise from these recent clinical misses, which cast doubt on the drug’s efficacy in its current trials. With these factors in mind, Choi maintains a conservative stance on FibroGen’s stock (FGEN), reflecting both the risks associated with the drug’s development and the uncertainties in the company’s ability to deliver positive clinical outcomes. The report concludes with a maintained Sell recommendation and a 12-month price target of $2, indicating a lack of confidence in the stock’s performance.
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FibroGen (FGEN) Company Description:
FibroGen, Inc. engages in the discovery, development, and commercialization of therapeutics. It focuses on hypoxia-inducible factor and connective tissue growth factor biology to develop innovative medicines for the treatment of anemia, fibrotic disease, and cancer. The company was founded by Thomas B. Neff on September 29, 1993 and is headquartered in San Francisco, CA.
Read More on FGEN:
- FibroGen To Host Part I of Virtual KOL Investor Event Series to Review Pamrevlumab Clinical Program in Pancreatic Cancer on February 13, 2024
- Biotech Alert: Searches spiking for these stocks today
- FibroGen completes pamrevlumab arm in Precision Promise Phase 2/3 trial
- FibroGen Announces Completion of the Pamrevlumab Arm in Precision Promise, Pancreatic Cancer Action Network’s Phase 2/3 Adaptive Platform Trial for Metastatic Pancreatic Cancer
