UPDATE: Goldman Sachs Upgrades FibroGen (FGEN) to Buy

July 20, 2015 7:34 AM EDT
Get Alerts FGEN Hot Sheet
Price: $21.56 +2.47%

Rating Summary:
    5 Buy, 8 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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(Updated - July 20, 2015 9:09 AM EDT)

Goldman Sachs upgraded FibroGen (NASDAQ: FGEN) from Neutral to Buy with a price target of $32 (unchanged). Analyst Terence Flynn said FibroGen's recent sell-off doesn't appear to be tied to fundamentals.

"Our 12-month price target remains at $32 and implies 36% upside potential. FGEN’s lead asset, Roxadustat (Roxa) is an oral drug in Phase 3 development for the treatment of anemia due to chronic kidney disease (CKD). We
believe this drug has the potential to penetrate and expand the $8.6bn injectable ESA market (mainly AMGN’s Epogen/Aranesp and JNJ’s Procrit/Eprex). Roxa is partnered with AZN (the United States and China) and Astellas (EU and Japan), offering independent validation of its novel mechanism of action (inhibition of HIF-PH)," said Flynn.

For an analyst ratings summary and ratings history on FibroGen click here. For more ratings news on FibroGen click here.

Shares of FibroGen closed at $23.21 yesterday.

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