FibroGen Shares Climb On Strong Q1 Sales

FibroGen, Inc. FGEN shares are trading higher Tuesday after the company posted mixed first-quarter financial results. Here's a look at the key figures from the report. 

The Details:

FibroGen reported quarterly losses of 33 cents per share which missed the analyst consensus estimate of losses of 31 cents and represents a 59.26% increase year-over-year. 

Quarterly sales clocked in at $55.902 million which beat the analyst consensus estimate of $36.666 million by 52.46% and is a significant increase over sales of $36.161 million from the same period last year.

The company reported first-quarter net revenue growth of 55% year over year, driven by strong roxadustat performance in China and one-time drug product revenue recognized from the US/RoW AstraZeneca agreement termination. 

Cash, cash equivalents, investments, and accounts receivable were $214.7 million, and the company projected it has a cash runway into 2026.

“We are off to a strong start in 2024 marked by the recent release of compelling Phase 1 data on FG-3246, our CD46 targeted antibody drug conjugate, in metastatic castration-resistant prostate cancer and continued robust growth of our roxadustat business in China,” said Thane Wettig, CEO of FibroGen. “Looking ahead, we expect to report topline data from our two late-stage clinical trials of pamrevlumab in pancreatic cancer in the coming months. In addition, we have a strong balance sheet and reaffirm our cash runway into 2026.”

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Should I Sell My FGEN Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of FibroGen have decreased by 92.53% in the past year. An investor who bought shares of FibroGen at the beginning of the year would make a profit of $0.47 per share if they sold it today. The stock has fallen 20.18% over the past month, meaning an investor who bought shares on April 1 would see a capital loss of $0.86.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. FibroGen stock currently has an RSI of 68.4, indicating neutral conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

FGEN Price Action: According to Benzinga Pro, FibroGen shares are up 12.3% at $1.30 at the time of publication Tuesday.

Image: Gerd Altmann from Pixabay