$FGEN FibroGen Stock Crushed 💥 Someone knew..$250,000 Profit on Puts. Proof with Unusual Activity. 🕵️♂️ This stock crashed today due to new about its CKD meds not working out. The platform is SweepCast www.sweepcast.com #fgen#biotech#ckd#azn
What Happened The huge drop came after the company announced a stunning revelation following the market close on Tuesday. FibroGen revealed that some previously disclosed safety analyses from a late-stage study of roxadustat in treating anemia of chronic kidney disease (CKD) were incorrect. (MarketWatch)
Partnership Hurt This also will hurt their partnership with $AZN, which could of turned out to become a buyout candidate.
Recovery Possible
FibroGen stated that it has "begun a comprehensive internal review to ensure such issues do not occur in the future." The results from that internal review will likely be important in how quickly the company can begin to rebuild credibility -- and for the biotech stock to recover.