UPDATE: Goldman Sachs Upgrades FibroGen (FGEN) to Buy
- Wall Street ends volatile week sharply higher
- AT&T (T) in Talks to Merge Media Assets with Discovery (DISCA) - WSJ
- Disney (DIS) Dips As Streaming Business Shows Signs of Slowing Down, Analysts 'Very Bullish' on LT Opportunity
- Airbnb (ABNB) Bookings Up 52% to Help Sales Beat, Seen as a 'Blow Out Quarter' as More Upside is Left
- DoorDash (DASH) Reports Bigger Loss and a Sales Beat, Shares Soars on Strong Guidance and Two Upgrades to 'Buy'
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.
Shares of FibroGen closed at $23.21 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ACV Auctions Inc (ACVA) PT Lowered to $41 as Jefferies Sees One Issue with the Quarter
- Dr. Reddy's Laboratories Ltd. (DRRD:IN) (RDY) PT Raised to INR5,759 at Ambit Capital
- Balkrishna Industries Ltd. (BIL:IN) PT Raised to INR1,500 at Kotak
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Hot Upgrades, Upgrades
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!