BofA Merrill Lynch analyst Sachin Jain said FibroGen's (FGEN) report of topline safety data from the Phase 3 program for roxadustat "is generating a huge amount of investor debate," but he believes many are unaware of the incremental color the company gave on its call yesterday, the sum of which he views as "reassuring" about the drug's cardiovascular safety. The company said the reason for the "conservative wording" used in its press release is that the exact statistical analysis is not finalized with the FDA, according to Jain. While he thinks the safety commentary was encouraging, Jain looks for ratification by partner AstraZeneca (AZN), on which he keeps a Buy rating.

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