FibroGen downgraded to Market Perform at Raymond James after trial fails

Raymond James analyst Danielle Brill downgraded FibroGen to Market Perform from Outperform without a price target following the news that pamrevlumab failed in its Phase 3 IPF trial. The firm, which said pamrevlumab’s “best shot at success” was in IPF, and expects the stock to settle around cash levels given ex-U.S. roxadustat royalties were monetized and the China market doesn’t appear to be profitable, the analyst tells investors in a research note. Raymond James dot not believe FibroGen’s early-stage pipeline will garner interest until solid clinical PoC are generated.