Analyst Matthew Keller of H.C. Wainwright reiterated a Buy rating on FibroGen, retaining the price target of $43.00.
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Matthew Keller has given his Buy rating due to a combination of factors including FibroGen’s strong financial position and promising clinical pipeline. The company reported a significant cash balance of $142.1 million, which is expected to provide financial stability and support its operations through 2028. This financial strength is bolstered by the anticipated completion of the FibroGen China sale, which will further enhance the company’s cash reserves.
Additionally, FibroGen is advancing its clinical pipeline with key studies, such as the Phase 2 monotherapy dose optimization study of FG-3246 in mCRPC and the upcoming Phase 3 trial of roxadustat in anemia patients with LR-MDS. These developments indicate potential growth opportunities and milestones that could positively impact the company’s future. The alignment with the FDA on the Phase 3 study design for roxadustat further strengthens the outlook for FibroGen, making it an attractive investment opportunity according to Keller.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FGEN in relation to earlier this year.