Mizuho Securities Downgrades FibroGen (FGEN) to Neutral
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Mizuho Securities analyst Difei Yang downgraded FibroGen (NASDAQ: FGEN) from Buy to Neutral with a price target of $29.00.
The analyst comments "We are downgrading FGEN shares to Neutral, and reducing our PT from $72 to $29 as we see higher risk and uncertainty around timelines to regulatory approvals following the clarification of previously disclosed cardiovascular safety analyses on roxadustat. Clinical data previously shared with the scientific and investment community included post-hoc adjustments resulting in more favorable safety data. While new data presented using pre-specified criteria still support the benefit/risk profile of roxa, we were surprised by the news and believe this creates higher risk in the near term, and uncertainty around timelines to potential approval. An upcoming FDA Advisory Committee (AdCom) meeting scheduled for 07/15/21 is likely to be a key de-risking event for the company."
Shares of FibroGen closed at $25.50 yesterday.
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