FibroGen Shares Hit 52-Week Low After Pamrevlumab Trial Misses Primary Endpoint

By Chris Wack

FibroGen shares were down 84% at $2.75, a new 52-week low, after the company said that its Phase 3 trial of pamrevlumab in patients with idiopathic pulmonary fibrosis missed its primary endpoint.
The stock had hit its 52-week high of $25.69 on Feb. 3, and is down 76% in the past 12 months.

The company said the safety and efficacy study compared treatment with pamrevlumab to a placebo and it didn’t meet the primary target of a change from baseline in forced vital capacity at week 48.
The secondary endpoint of time to disease progression also wasn’t met.
In the safety analysis, FibroGen said pamrevlumab was generally safe and well-tolerated, and the majority of treatment emergent adverse events were mild or moderate. Treatment-emergent serious adverse events were observed in about 28% of patients in the pamrevlumab group and about 34% of patients in the placebo group.
Based on the results of the trial, the second Phase 3 clinical trial will be discontinued.
FibroGen said it plans to implement a significant cost-reduction effort in the U.S., with the intent to extend its cash runway into 2026.
William Blair cut its ratings for FibroGen to Market Perform from Outperform. Raymond James also cut its ratings for the stock to Market Perform from Outperform.
Write to Chris Wack at [email protected]