Citi upgrades FibroGen to Buy after 40% pullback since August. Citi analyst Joel Beatty last night upgraded FibroGen to Buy from Neutral with an unchanged price target of $71. Down 40% since August, the shares offer a favorable risk/reward heading into the Phase 3 Roxadustat results expected in the first half of 2019, Beatty told investors in a research note. The analyst continues to anticipate an 80% probability of U.S. approval of Roxadustat in some form. He believes the non-dialysis market makes up the majority of the Roxadustat market opportunity.
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