Analyst Matthew Keller of H.C. Wainwright reiterated a Buy rating on FibroGen (FGEN – Research Report), retaining the price target of $10.00.
Matthew Keller has given his Buy rating due to a combination of factors, primarily focusing on FibroGen’s strategic financial maneuvers and promising clinical developments. The company’s recent financial results have shown resilience, with a strong cash position bolstered by the anticipated proceeds from the sale of FibroGen China to AstraZeneca. This transaction not only enhances FibroGen’s financial stability but also provides the necessary capital to advance its key therapeutic candidates.
Furthermore, FibroGen’s focus on its ADC pipeline, particularly the FG-3246 candidate, is approaching a significant phase in its clinical development. The upcoming studies, including a Phase 2 monotherapy dose optimization study and a combination study with enzalutamide, present multiple opportunities for success. These developments, coupled with the strategic focus on U.S. development of roxadustat, underscore the potential for substantial value generation, making FibroGen an attractive investment opportunity.