The FibroGen Inc. (FGEN) stock lost 28.26% in the after-market session on Tuesday, April 6, 2021, after it lost 2.78% in the morning session and closed at $34.54 per share.
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The recent update about the Roxadustat
On April 6, 2021, FibroGen provided an update about the Roxadustat Phase 3 program for the treatment of anemia of chronic kidney disease
The recent data confirmed that FibroGen’sRoxadustat has no edge over other medicines in lowering the risk of cardiovascular events in some patients.
FGEN still insist that its Roxadustat is still better than epoetin-alfa in dialysis-dependent patients. Roxadustat is available in china and japan for both NDD and DD adult patients for the treatment of anemia
FGEN said that it will make sure to stop such issues from occurring in the future and ensure that it is ready to work with the FDA Advisory Committee to provide relief to anemia patients.
Upcoming FDA advisory review of Roxadustat
On April 06, 2021, FDA has scheduled a Cardiovascular and Renal Drug Advisory Committee review on July 15, 2021, to review the New Drug Application for Roxadustat.
FGEN facing investigations and potential Lawsuits
On April 6, 2021, Block & Leviton is investigating whether FibroGen, Inc. committed violations of securities fraud and the firm is considering filing a securities class action lawsuit to attempt to recover losses on behalf of investors who have lost money.
The Law Offices of Frank R. Cruz also announced the investigation against the company in the same matter
The investors had to bear the loss when yesterday the company provided an update about Roxadustat which sunk its stock by almost 30%.
On March 25, 2021, Pomerantz LLP also said that it is investigating claims on behalf of investors of FibroGen, Inc. the investigation is about whether FGEN directors did a securities fraud or other unlawful business practices.
Recent financial results
On March 1, 2021, FGEN announced its financial results for the fourth quarter
- For the 4Q, 2020, FGEN revenue was $65.0 million, as compared to $8.0 million for the fourth quarter of 2019
- FGEN suffered a net loss of $58.6 million or $0.64 net loss per basic and diluted share in Q4 2020, compared to a net loss of $98.1 million, or $1.12 net loss per basic and diluted share for the fourth quarter of 2019
- As of December 31, 2020, FibroGen had $732.1 million in cash and cash equivalents.
FGEN suffered a massive setback from the recent FDA update about Roxadustat which took its stock to rock bottom. In the near past, FGEN stock faced negativity due to the same issue. As the product is approved in china and japan, it is more likely to be approved in the USA and investors may have to wait a bit more to earn the profit on their investment in FGEN stock.