- Bank of America on Thursday upgraded FibroGen ( NASDAQ: FGEN ) to Buy from Neutral on favorable risk-reward ahead of the release of key topline data for pamrevlumab in treatment of idiopathic pulmonary fibrosis.
- FibroGen ( FGEN ), which gained ~48% in the last six months, climbed 16.1% to an over 14-week high.
- BofA also raised its price target on FibroGen ( FGEN ) to $27 from $18 (67.7% potential upside to last close) on higher nominal peak sales for pamrev.
- "We view IPF data as potentially transformational for FGEN given high unmet need with only two FDA-approved IPF therapies, strong Ph2b supportive data for pamrev in IPF, and upside – either tied to potential accelerated filing and/or commercial upside to our forecasts," analyst Jason Gerberry said in a note to clients.
- BofA's bullish view on FibroGen ( FGEN ) contrasts neutral sell-side ratings . SA Quant also rates the stock Hold .
- Meanwhile, SA author Alberto Abaterusso believes FibroGen's ( FGEN ) growth prospects are not worth current valuations .
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Bank of America upgrades FibroGen to Buy on favorable risk-reward, stock gains 16%