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Why FibroGen Got Mashed on Monday

TheMotleyFool

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FibroGen (NASDAQ: FGEN) isn't starting the week out very well. On Monday, investors pushed down its stock price by 9%. This seems to be punishment for the company's after-market announcement the previous trading day that the approval process for a crucial pipeline drug will take longer than expected.

The drug in question in FibroGen's promising roxadustat, which treats anemia of chronic kidney disease. The company announced that the Food and Drug Administration's (FDA) review of the company's new drug application (NDA) for roxadustat has been extended by three months. The new action date is March 20, 2021.

Image source: Getty Images.

Source Fool.com

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