FibroGen (NASDAQ:FGEN) Rating Increased to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of FibroGen (NASDAQ:FGEN) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $51.00 price target on the biopharmaceutical company’s stock.

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 research analysts have also recently commented on FGEN. Mizuho reaffirmed a buy rating and set a $65.00 target price on shares of FibroGen in a report on Sunday. ValuEngine cut shares of FibroGen from a buy rating to a hold rating in a report on Saturday. BidaskClub raised shares of FibroGen from a buy rating to a strong-buy rating in a report on Wednesday, July 31st. Piper Jaffray Companies reaffirmed a positive rating and set a $40.00 target price (down from $65.00) on shares of FibroGen in a report on Monday, May 27th. Finally, TheStreet cut shares of FibroGen from a c- rating to a d+ rating in a report on Friday, May 24th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $61.00.

Shares of FGEN opened at $45.09 on Tuesday. FibroGen has a 12 month low of $33.51 and a 12 month high of $62.00. The stock’s 50 day simple moving average is $45.79. The company has a market capitalization 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 current ratio of 6.16 and a quick 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, topping the Thomson Reuters’ consensus estimate of ($0.49) by $1.75. FibroGen had a net margin of 13.90% and a return on equity of 9.62%. The company had revenue of $191.57 million for the quarter, compared to analysts’ expectations of $29.03 million. During the same period last year, the firm earned ($0.28) earnings per share. The business’s revenue for the quarter was up 335.9% on a year-over-year basis. As a group, sell-side analysts forecast that FibroGen will post -1.09 EPS for the current year.

In related news, Director Kalevi Kurkijarvi sold 6,000 shares of FibroGen stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $45.22, for a total value of $271,320.00. Following the transaction, the director now directly owns 34,400 shares of the company’s stock, valued at $1,555,568. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas B. Neff sold 39,636 shares of FibroGen stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $35.37, for a total transaction of $1,401,925.32. Following the completion of the transaction, the chief executive officer now directly owns 2,503,912 shares in the company, valued at $88,563,367.44. The disclosure for this sale can be found here. Insiders sold 248,174 shares of company stock worth $10,466,296 over the last three months. 7.83% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of FibroGen during the fourth quarter worth $32,604,000. New York State Common Retirement Fund grew its stake in shares of FibroGen by 124.7% during the first quarter. New York State Common Retirement Fund now owns 164,963 shares of the biopharmaceutical company’s stock worth $8,966,000 after buying an additional 91,563 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of FibroGen by 150.0% during the first quarter. Lindbrook Capital LLC now owns 500 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 300 shares during the last quarter. Fiera Capital Corp bought a new stake in shares of FibroGen during the first quarter worth $34,161,000. Finally, Adams Diversified Equity Fund Inc. bought a new stake in shares of FibroGen during the first quarter worth $212,000. 64.67% of the stock is currently owned by hedge funds and other institutional investors.

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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