Piper Jaffray analyst Danielle Brill lowered her price target for FibroGen to $40 from $65 after meeting with management to get a better understanding of roxadustat's MACE data and potential regulatory implications. While the analyst came away incrementally more positive for roxa's potential in the dialysis setting, uncertainty around labeling with a blackbox warning, and uptake in the non-dialysis CKD population remains. Considering the NDD-CKD setting reflects the majority of the commercial opportunity in her model, Brill is staying on the sidelines until she gains more clarity on roxa's path forward in this population. The analyst reiterates a Neutral rating on the shares.