FibroGen price target adjusted to $43 at H.C. Wainwright after reverse split

H.C. Wainwright adjusted the firm’s price target on FibroGen (FGEN) to $43 from $10 and keeps a Buy rating on the shares following the recent reverse stock split. The firm also cites an increased discount rate pending visibility from both the FG-3246 and roxadustat programs after Fibrogen disclosed “positive details” from a Type C meeting with the FDA. The firm, which calls the update an “important step forward for Fibrogen and roxa,” awaits additional updates, including trial start dates and possible inclusion of a development/commercial partner.