UPDATE: Raymond James Starts FibroGen (FGEN) at Underperform
Raymond James analyst Danielle Brill initiates coverage on FibroGen (NASDAQ: FGEN) with a Underperform rating.
The analyst comments "Bottom line here is that we see a significant amount of risk to approval that we believe the Street is not fully appreciating. We also think the risk/reward is skewed to the downside, because even if Roxa is approved for NDD, we expect restrictive labeling (BBW, REMS) which should impact the launch trajectory and cap upside. Considering this set-up, we think FGEN will underperform relative to the rest of our coverage over the next 6-12 months. We could get more constructive on the name, however, if (1) Roxa is approved in NDD with a clean label (no BBW), and/or (2) commercial launch gets off to a strong start and surpasses our modest expectations."
Shares of FibroGen closed at $42.45 yesterday.
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