- FibroGen ( NASDAQ: FGEN ) added ~3% pre-market Tuesday after William Blair upgraded the clinical-stage biotech citing the potential of its lung disease candidate pamrevlumab following similar moves by at least two other Wall Street firms this month.
- The company has exclusive rights for pamrevlumab, a human monoclonal antibody targeted at the connective tissue growth factor.
- William Blair analyst Andy Hsieh highlights the prospects of pamrevlumab in idiopathic pulmonary fibrosis (IPF), locally advanced pancreatic cancer, and Duchenne muscular dystrophy, for which the drug candidate is currently in Phase 3 development.
- “With large total addressable markets, we believe that a win in each indication alone could justify our new rating, although we weigh IPF most heavily,” Hsieh wrote, upgrading FibroGen ( FGEN ) to Outperform from Market Perform.
- Previously, the analysts at Raymond James and Bank of America raised their recommendations on FibroGen ( FGEN ) this month, granting buy-equivalent ratings.
- Read: In December, Seeking Alpha contributor Alberto Abaterusso cited a mismatch between FibroGen’s ( FGEN ) valuation and the growth prospects of its pipeline.
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FibroGen gains as William Blair upgrades citing lung disease candidate