FibroGen (NASDAQ:FGEN) Upgraded to Buy by Zacks Investment Research

FibroGen (NASDAQ:FGEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $51.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.11% from the company’s previous close.

According to Zacks, “FibroGen, Inc. is a research-based biotechnology company. It is focused on the discovery, development, and commercialization of therapeutic agents for treatment of anemia, fibrosis, cancer, and other serious unmet medical needs. The Company develops Roxadustat that is in Phase III clinical development for the treatment of anemia in chronic kidney disease; and FG-3019 which is in Phase II clinical development for the treatment of idiopathic pulmonary fibrosis, pancreatic cancer, and liver fibrosis. FibroGen, Inc. is headquartered in San Francisco, California. “

Several other analysts have also recently commented on FGEN. Mizuho reiterated a “buy” rating and issued a $65.00 target price on shares of FibroGen in a report on Sunday. TheStreet lowered FibroGen from a “c-” rating to a “d+” rating in a research note on Friday, May 24th. William Blair reissued a “hold” rating on shares of FibroGen in a research note on Tuesday, July 2nd. Goldman Sachs Group reissued a “neutral” rating and issued a $45.00 price target on shares of FibroGen in a research note on Wednesday, May 29th. Finally, Piper Jaffray Companies reissued a “positive” rating and issued a $40.00 price target (down from $65.00) on shares of FibroGen in a research note on Monday, May 27th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $61.00.

FGEN stock traded down $0.05 during trading on Tuesday, hitting $45.09. The company had a trading volume of 612,652 shares, compared to its average volume of 721,735. The stock has a 50-day moving average price of $45.79. FibroGen has a one year low of $33.51 and a one year high of $62.00. The firm has a market cap of $3.98 billion, a PE ratio of -43.78 and a beta of 1.86. The company has a debt-to-equity ratio of 0.09, a quick ratio of 6.16 and a current ratio of 6.16.

FibroGen (NASDAQ:FGEN) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.49) by $1.75. FibroGen had a return on equity of 9.62% and a net margin of 13.90%. The business had revenue of $191.57 million for the quarter, compared to analysts’ expectations of $29.03 million. During the same period in the prior year, the business posted ($0.28) earnings per share. The firm’s revenue was up 335.9% on a year-over-year basis. Equities analysts expect that FibroGen will post -1.09 earnings per share for the current fiscal year.

In related news, CEO Thomas B. Neff sold 39,636 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $35.37, for a total transaction of $1,401,925.32. Following the completion of the sale, the chief executive officer now owns 2,503,912 shares in the company, valued at $88,563,367.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Christine Chung sold 11,250 shares of the company’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $44.05, for a total value of $495,562.50. Following the sale, the senior vice president now owns 157,195 shares of the company’s stock, valued at approximately $6,924,439.75. The disclosure for this sale can be found here. Insiders have sold 248,174 shares of company stock worth $10,466,296 over the last ninety days. 7.83% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Lindbrook Capital LLC grew its stake in FibroGen by 150.0% in the 1st quarter. Lindbrook Capital LLC now owns 500 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 300 shares during the period. FTB Advisors Inc. bought a new position in FibroGen in the 1st quarter valued at $27,000. Cornerstone Advisors Inc. grew its stake in FibroGen by 672.8% in the 1st quarter. Cornerstone Advisors Inc. now owns 796 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 693 shares during the period. State Board of Administration of Florida Retirement System grew its stake in FibroGen by 1.8% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 40,364 shares of the biopharmaceutical company’s stock valued at $1,824,000 after purchasing an additional 720 shares during the period. Finally, Manchester Capital Management LLC bought a new position in FibroGen in the 1st quarter valued at $39,000. Institutional investors and hedge funds own 64.67% of the company’s stock.

FibroGen Company Profile

FibroGen, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapeutics to treat serious unmet medical needs. It is developing Roxadustat, an oral small molecule inhibitor of hypoxia inducible factor prolyl hydroxylases (HIF-PHs) that is in Phase III clinical development for the treatment of anemia in chronic kidney disease in the United States and Europe; and in Phase II/III development in China for anemia associated with myelodysplastic syndromes.

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