FibroGen shares have ‘significant upside’ on positive data, says Mizuho

Following positive efficacy results from roxadustat in December, investor attention remains focused on the upcoming MACE safety data expected around April, Mizuho analyst Difei Yang tells investors in a research note. The analyst sees “strong potential” in roxadustat and believes the drug could be a safer alternative to erythropoiesis-stimulating agents. Yang’s base case scenario has $21 per share of upside on the data readout versus $8 per share downside in her bear case scenario. She sees “significant upside” if the data are positive and reiterates a Buy rating on FibroGen with a $74 price target.
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