Down 80% in 1 Day, Is There Any Hope for FibroGen Stock?
On June 26, 's (NASDAQ: FGEN) lead program, pamrevlumab, reported poor late-stage clinical trial results for the second time in a month, sending its stock barreling downward to the tune of 80%. Now, shareholders have little hope that the candidate will be useful in treating a pair of the conditions it's being developed for: idiopathic pulmonary fibrosis (IPF), and Duchenne muscular dystrophy (DMD).
Could this stock eventually recover?
In June, FibroGen whiffed twice with a pair of its phase 3 clinical trials, and canceled a third phase 3 trial for IPF that was expected to also fail. The bottom line with those trials was simply that the patients given its medicine pamrevlumab didn't experience the benefits specified as the benchmarks for a successful course of treatment. So, it's likely the end of the line for the company's attempts to develop a drug for IPF, as it has no other pipeline programs seeking the indication. And while it's possible that its still-ongoing phase 3 trial for DMD could pull through when it reports data sometime in the third quarter, investors are probably correct to be pessimistic.
Source Fool.com
Fibrogen Inc. Stock
Based on 2 Buy predictions and 3 Sell predictions the sentiment towards Fibrogen Inc. is rather balanced.
However, we have a potential of 427.87% for Fibrogen Inc. as the target price of 5 € is above the current price of 0.95 €.
