FibroGen downgraded to Neutral from Buy at BofA

BofA downgraded FibroGen to Neutral from Buy with a price target of $4, down from $29, following the announcement that pamrevlumab failed in its Phase 3 IPF trial and the program has been discontinued. The firm’s new target reflects removing pamrevlumab in IPF and LAPC from its model and reducing operating expense burn in 2023 and out years based on the program discontinuation, noting that its new target largely reflects roxadustat’s value and the company’s cash.