Mizuho analyst Difei Yang lowered her price target for FibroGen to $65 from $74 saying the roxadustat Phase 3 clinical data were not as clear-cut as she hoped. Nonetheless, the analyst believes the results are nonetheless positive and says roxadustat is approvable in Europe based on non-inferiority achieved. However, statistical analysis and non-inferiority margin remain to be determined with the FDA for U.S. regulatory approval, Yang tells investors in a research note. She lowered her price target as her "base-case scenario was not met." Nonetheless, the analyst would be a buyer of FibroGen shares if they open lower and she keeps a Buy rating on the name.