FibroGen news has FGEN stock down on Friday after releasing confusing results from a recent trial.
The report from FibroGen (NASDAQ:FGEN) has to do with its Roxadustat drug for treating kidney disease. The statements made by the company in this update weren’t exactly clear. This includes “we believe there is no clinically meaningful difference in risk.”
These unclear statements from the company were able to give some investors doubts about the drug. However, it looks like the results are better than expected. It was just the wording in the FibroGen news release that was causing problems.
“There is confusion in the market currently, but this should become clear as more investors realize the data is positive and Roxa’s risk/benefit is favorable, so we see the stock rebounding and moving back up over time,” Jefferies analysts said in a statement obtained by FierceBiotech.
The FibroGen news about Roxadustat comes in the company’s earnings report for the first quarter of 2019. The poor wording and confusion was also dragging down an otherwise solid earnings report.
FibroGen reported losses per share of 53 cents on revenue of $23.86 million. Losses per share and revenue from the same time last year were 50 cents and $31.93 million. Wall Street was looking for the company to reported losses per share of 67 cents on revenue of $20.00 million.
FGEN stock was down 24% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.