FibroGen (FGEN) PT Lowered to $55 at Stifel
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Stifel analyst Annabel Samimy lowered the price target on FibroGen (NASDAQ: FGEN) to $55.00 (from $70.00) while maintaining a Buy rating.
The analyst commented, "FGEN’s clarification of a different Roxadustat cardiovascular safety analysis is another unpleasant surprise, but it is not clear that it changes the ultimate approvability of Roxa. Importantly, Roxa remains comparable to placebo in non-dialysis and to EPO in dialysis-dependent patients. That said, the claims regarding Roxa’s reduced risk (or superiority) of MACE+ in dialysis and MACE/MACE+ in incident-dialysis compared to EPO, which were communicated to the medical and investment community, are no longer valid. We expect this change to hold more weight for the FDA in terms of labeling, than for receptivity of Roxa by physicians. FGEN now has an official AdCom date of 7/15, and we continue to believe that Roxa will be approved given its comparable efficacy, clinical benefits, and safety. However, we have changed the probability weightings of our label-associated Roxa launch curves, removing an expectation for a BBW-free label and bringing our TP to $55."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesStifel, AdCom, FDA
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