In a report released yesterday, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Rigel (NASDAQ: RIGL), with a price target of $9. The company’s shares closed yesterday at $2.68.
Piros commented:
“: We are reiterating our Overweight rating on Rigel Pharmaceuticals and our 12-month price target of $9 per share, following Rigel’s 2Q18 financial results call. Rigel hosted a conference call and provided an update on its initial commercial launch of TAVALISSE (fostamatinib) in immune thrombocytopenia (ITP), which began at the end of May 2018. On the call, Rigel announced additional details on the commercial launch, including positive feedback from prescribing physicians and anecdotal evidence of TAVALISSE’s benefit for patients. We are encouraged by the strong positive uptake within just a month of commercial availability of the product and have adjusted our model for the quarter.”
According to TipRanks.com, Piros has 0 stars on 0-5 star ranking scale with an average return of -8.3% and a 39.1% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Rigel has an analyst consensus of Moderate Buy, with a price target consensus of $8.25.
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Based on Rigel’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $24.39 million. In comparison, last year the company had a GAAP net loss of $19.15 million.
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Rigel Pharmaceuticals, Inc. operates as a clinical stage biotechnology company. It discovers and develops novel, targeted drugs in the therapeutic areas of immunology, oncology and immune oncology. It focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms.
