Stifel analyst Adam Walsh recommends buying shares of FibroGen following yesterday's 15% decline to $35.40. The analyst keeps a Buy rating on the name with a $71 price target. Even though FibroGen reported "approvable" MACE data, the shares remain "in a penalty box where we see no fundamental reasons," Walsh tells investors in a research note. The analyst, who believes roxadustat is highly likely to be approved, sees a "significant value mismatch" at current share levels.

Hangzhou Andao Pharmaceutical Ltd. and Kind Pharmaceuticals LLC, together with its CEO Dong Liu and Chief Scientific Officer Shaojiang Deng, announced a resolution of their recent dispute with FibroGen, Inc. regarding Kind Pharmaceuticals' hypoxia-inducible factor prolyl hydroxylase inhibitortechnology. The parties have agreed to withdraw all pending legal proceedings between them regarding this HIF-PHI technology, without payment by either party. As a result of the settlement, Kind Pharmaceuticals remains free to develop AND017 and other HIF-PHIs in its pipeline.