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FGEN

FibroGen

$33.40

-1.6 (-4.57%)

, RHHBY

Roche

$31.87

-0.05 (-0.16%)

11:23
08/08/17
08/08
11:23
08/08/17
11:23

FibroGen jumps after lung disease data 'more than could have been hoped for'

Despite missing expectations for the quarter, FibroGen (FGEN) is on the rise after the biotech's drug pamrevlumab, a treatment for fatal lung disease idiopathic pulmonary fibrosis, successfully completed a mid-stage FDA test. Following the announcement, several research firms raised their price targets on the stock, with some analysts recalling Roche's (RHHBY) recent acquisition of Intermune, which develops pirfenidone, a medication also used for the treatment of idiopathic pulmonary fibrosis. RESULTS, DATA: Last night, FibroGen reported second quarter losses per share of (48c) and revenue of $29M, compared to consensus of (47c) and $34.3M, respectively. The company also announced positive topline results from its Phase 2 randomized, double-blind, placebo-controlled study and two combination safety sub-studies of pamrevlumab in patients with idiopathic pulmonary fibrosis, or IPF. Pamrevlumab met the primary efficacy endpoint of change of forced vital capacity percent predicted, a measure of change in lung volume, from baseline to week 48 of the study. Consistent with previous clinical studies, pamrevlumab was well tolerated in IPF patients. FibroGen plans to present these and additional results at the upcoming 2017 European Respiratory Society International Congress in September. The company anticipates meeting with the U.S. FDA to address the clinical and regulatory path forward for pamrevlumab in this indication, it noted. STIFEL TARGET DOUBLED: This morning, Stifel analyst Thomas Shrader raised his price target for FibroGen to $80 from $38 saying the trial result seems "more than could have been hoped for." The analyst told investors that if these results are repeated in the pivotal Phase 3 trial, pamrevlumab could be an "important and valuable drug." This value is probably further underscored by Roche's acquisition of InterMune for $8.3B after its pirfenidone reached about a $35M quarterly sales rate, Shrader contended. The analyst, who reiterated a Buy rating on FibroGen's shares, estimates that pamrevlumab has a 50% chance of succeeding in IPF. Meanwhile, Jefferies analyst Michael Yee also raised his price target for FibroGen to $75 from $50 saying "significant value creation should occur now" after the company reported positive Phase 2 IPF lung data for FG-3019. The analyst told investors in a research note of his own that he believes the $5B market capitalization implied by his new price target could prove conservative. Like his peer at Stifel, Yee also noted that InterMune had comparable data and was acquired by Roche for $8B. The analyst reiterated a Buy rating on FibroGen. Two other analysts raised their price targets for FibroGen following the study data. Citi analysts Joel Beatty upped his price target on the shares to $65 from $48, saying the monotherapy benefit appears comparable to the two approved IPF drugs, which is encouraging. He increased his probability of success for pamrevlumab in IPF to 65% from 20%. Additionally, Leerink analyst Geoffrey Porges raised his price target for FibroGen to $82 from $52 and reiterated an Outperform rating on the shares. Pivotal IPF trials are likely to be initiated in 2018, most likely with assistance from a partner, which would also offer a source of non-dilutive financing, Porges added. PRICE ACTION: In late morning trading, shares of FibroGen have gained almost 50% to $49.70.

FGEN

FibroGen

$33.40

-1.6 (-4.57%)

RHHBY

Roche

$31.87

-0.05 (-0.16%)

  • 30

    Nov

FGEN FibroGen
$33.40

-1.6 (-4.57%)

08/08/17
JEFF
08/08/17
NO CHANGE
Target $75
JEFF
Buy
FibroGen price target raised to $75 from $50 at Jefferies
Jefferies analyst Michael Yee raised his price target for FibroGen (FGEN) shares to $75 saying "significant value creation should occur now" after the company reported positive Phase II idiopathic pulmonary fibrosis lung data for FG-3019. The analyst believes the $5B market capitalization implied by his new price target could prove conservative. InterMune had comparable data and was acquired by Roche (RHHBY) for $8B, Yee tells investors in a research note. The analyst reiterates a Buy rating on FibroGen. The stock in premarket trading is up 59%, or $19.60, to $53.00.
08/08/17
STFL
08/08/17
NO CHANGE
STFL
FibroGen price target raised to $80 from $38 at Stifel
Stifel analyst Thmas Shrader raised his price target on FibroGen after the company announced statistically significant trial results for its Pamrevlumab drug in IPF. The analyst estimates that the drug has a 50% chance of succeeding in IPF. He raised his price target on the shares to $80 from $38 and keeps a Buy rating on the stock.
08/08/17
SBSH
08/08/17
NO CHANGE
Target $65
SBSH
Buy
FibroGen price target raised to $65 from $48 at Citi
Citi analyst Joel Beatty raised his price target for FibroGen to $65 after the company's Phase 2 trial of Pamrevlumab in idiopathic pulmonary fibrosis met its primary endpoint. The monotherapy benefit appears comparable to the two approved IPF drugs, which is encouraging, Beatty tells investors in a research note. He increased his probability of success for Pamrevlumab in IPF to 65% from 20%. FibroGen continues to be the analyst's top pick.
08/08/17
LEER
08/08/17
NO CHANGE
Target $82
LEER
Outperform
FibroGen price target raised to $82 from $52 at Leerink
Leerink analyst Geoffrey Porges raised his price target for FibroGen to $82 from $52 after the company reported Q2 results and disclosed positive top-line results for the first phase of the ongoing phase II trial of pamrevlumab in idiopathic pulmonary fibrosis. The analyst reiterates an Outperform rating on the shares.
RHHBY Roche
$31.87

-0.05 (-0.16%)

07/11/17
FBCO
07/11/17
NO CHANGE
Target $96
FBCO
Outperform
Alnylam weakness more driven by competitor data, says Credit Suisse
While attending the ISTH meeting in Berlin, Credit Suisse analyst Alethia Young notes that Alnylam's (ALNY) stock weakness is more driven by "strong" competitor data in inhibitors from Roche's (RHHBY) ACE910. The analyst reiterates an Outperform rating and $96 price target on Alnylam's shares.
07/11/17
COWN
07/11/17
NO CHANGE
Target $325
COWN
Outperform
Shire hemophilia franchise being valued near zero, says Cowen
Cowen analyst Ken Cacciatore believes Shire's (SHPG) current valuation reflects essentially no value for the company's hemophilia franchise. Investors are treating Shire/Baxalta's hemophilia franchise as if it should equate to essentially zero, into perpetuity, beginning in 2020, Cacciatore tells investors in a research note, citing his analysis. He believes this sentiment, based on competitive concerns from Roche (RHHBY) and Alnylam (ALNY), is a "gross overreaction." The analyst has an Outperform rating on Shire with a $325 price target.
07/14/17
CANT
07/14/17
NO CHANGE
CANT
Worries about Shire hemophilia franchise overdone, says Cantor
After speaking with a pediatric hematology/oncology physician, Cantor analyst Louise Chen reports that the doctor said that uptake of Roche's (RHHBY) hemophilia treatment, ACE910, "will be gradual" because of safety concerns. The analyst says that worries about Shire's (SHPG_) hemophilia franchise are overdone. She keeps a $222 price target and an Overweight rating on the stock.

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