William Blair analyst Andy Hsieh has maintained their neutral stance on FGEN stock, giving a Hold rating on October 28.
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Andy Hsieh’s rating is based on the anticipation of upcoming data from a Phase II trial involving FibroGen’s FG-3246 in combination with Xtandi for treating metastatic castration-resistant prostate cancer. While the treatment landscape for this condition is becoming more competitive, particularly due to the success of Pluvicto, the potential synergy between FG-3246 and Xtandi is intriguing. The previous Phase Ib study suggested that Xtandi might enhance the expression of CD46, thereby increasing the effectiveness of FG-3246.
Despite the promising mechanism, the expectations for the upcoming trial data are tempered by the heavily pretreated nature of the patient population. The anticipated outcomes are expected to mirror the Phase Ib results, with a modest PSA reduction and a median progression-free survival of about 10 months. Additionally, FG-3246 is being evaluated as a standalone treatment in a separate Phase II study, with interim results expected next year. These factors contribute to the Hold rating, as the potential benefits are balanced by the uncertainties and competitive pressures in the market.
In another report released on October 28, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $11.00 price target.