Rigel Stock (RIGL:NSD) Analysis:
Last Closing Price: $0.83
Consensus Analyst Rating: Buy
12-Month Price Target: $3.40
Market CAP: $0.14 Billion
Citigroup raised Rigel Pharmaceuticals (RIGL:NSD) rating to Buy from Neutral on Friday, following the biotech’s announcement of the U.S. approval of its blood cancer medication Rezlidhia for acute myeloid leukemia (AML), which sent its shares soaring in the morning.
Rezlidhia capsules will therefore be available for the treatment of people with relapsed or refractory (R/R) acute AML who contain a susceptible isocitrate dehydrogenase-1 (IDH1) genetic mutation.
Citing Dr. Jorge Cortes, Director of the Georgia Cancer Center, who participated in Rigel’s (RIGL) conference call on the approval, Citi analyst Yigal Nochomovitz expects Rezlidhia to assume the market lead for R/R IDH1-mutated AML, surpassing Tibsovo, a competing drug from Servier Pharmaceuticals.
Nochomovitz contends that Rezlidhia surpasses Tibsovo on numerous metrics, including a better rate of full responses and a lower cardiotoxicity rate.
Consequently, the analyst anticipates Rezlidhia’s market share to reach 55% by approximately 2030, up from 40% in the previous prediction and lifts his price objective for Rigel (RIGL) from $1.50 to $2 per share.
Rigel stock has declined by more than 64 percentage points during the past 12 months prior to today’s rise.
Rigel Stock-Analyst Ratings:
Jefferies Financial LLC raised the Rigel stock price target to $0.9.
HC Wainwright raised the Rigel stock price target to $15.
Piper Sandler upgraded the Rigel stock price target to $2 and rates it as “Neutral”.
About Rigel Pharmaceuticals (RIGL:NSD):
Rigel Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.
It also develops Fostamatinib that is in phase III clinical trial for the treatment of warm autoimmune hemolytic anemia; phase III clinical trial for the treatment of hospitalized COVID-19 patients; and phase III clinical trial for the treatment of COVID-19.
In addition, the company is developing R289, an oral interleukin receptor associated kinase 1/4 inhibitor, which is in phase I clinical trial for autoimmune, inflammatory, and hematology-oncology diseases; and R552, a receptor-interacting serine/threonine-protein kinase 1 inhibitor that has completed phase I clinical trial for autoimmune and inflammatory diseases.
It has research and license agreements with AstraZeneca AB for the development and commercialization of R256, an inhaled JAK inhibitor; BerGenBio AS for the development and commercialization of AXL inhibitors in oncology; and Daiichi Sankyo to develop murine double minute 2 inhibitors for solid and hematological malignancies, as well as license and supply agreement with Kissei Pharmaceutical Co., Ltd. to develop and commercialize Fostamatinib.
The company also has a license agreement and strategic collaboration with Eli Lilly and Company to co-develop and commercialize R552 for various indications, including autoimmune and inflammatory diseases, as well as other non-central nervous system (non-CNS) disease development candidates. Rigel Pharmaceuticals, Inc. was incorporated in 1996 and is headquartered in South San Francisco, California.
