Traders Rush To Buy Biotech Following Q1 Earnings Beat

A California-based biotech company is stealing the show so far during Tuesday’s session after the company reported Q1 2024 earnings after yesterday’s market close.

According to a handful of press releases, the company beat EPS estimates by $0.220 and revenue beat by $19.45M. Traders were quick to snatch up shares of FibroGen Inc. (Nasdaq:FGEN), almost immediately pushing shares of the small cap up to $1.74/share (+50.00%) at the early session high.

FibroGen Inc is a biotechnology company focused on discovering, developing, and commercializing novel therapeutics to treat serious unmet medical needs. The company generates the vast majority of its revenue in Europe, followed by Japan. Virtually all of FibroGen's revenue to date has been generated from its collaboration agreements. FibroGen seeks partners with research, development, and marketing capabilities and other resources that strengthen the company's ability to advance product candidates.

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