Fibrogen (FGEN) small-cap biotech that has seen unusual size accumulate in the January 2024 $12.50 calls with 5,000 each bought on 5/24 and 5/25 and open interest over 10,950X. FGEN has no other notable open interest. Shares have been hit hard recently down 38.5% YTD and trading under $10 after peaking in 2018 around $70. The $805M company develops and commercializes therapeutics for rare unmet needs with their lead program Roxadustat focused on the treatment of anemia in chronic kidney disease. The company also has pipeline projects around pancreatic cancer, liver fibrosis, and diabetic kidney disease. Roxa received a CRL in August 2021 in the US but has been approved in Europe and China, the latter seeing strong growth Y/Y. They expect topline data for the drug in the 2H of 2022 or early 2023 in Myelodysplastic Syndromes (MDS) among patients with anemia. Other milestones including mid-2023 data In IPF and DMD. FGEN will be at the Jefferies conference on June 9.  Analysts have an average target for shares of $22 with a Street High $30. Goldman cut to Sell late last year noting that the name carries operational uncertainty stemming from the CRL issued by the FDA for roxadustat. FibroGen will likely have to perform additional studies in order to clarify the MACE safety concerns and these additional studies would require a resource allocation decision by developmental partner AstraZeneca. Hedge fund ownership rose 8%. Point72 adding 2M shares.