Why FibroGen Fell by More Than 9% on Wednesday

The rising stock market had many winners on Wednesday, but alas for its shareholders FibroGen (NASDAQ: FGEN) wasn't one of them. The biotech's shares declined by over 9% following a downgrade from a famous investment bank.

Goldman Sachs analyst Paul Choi has downshifted his recommendation for FibroGen stock. According to him, it's now a sell; previously he tagged it as a neutral. He also trimmed his price target from $16 per share to $11.

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Source Fool.com