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In a report released yesterday, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Rigel (RIGL), with a price target of $9. The company’s shares closed yesterday at $2.89, close to its 52-week low of $2.56.
Piros said:
“: We reiterate our Overweight rating on Rigel Pharmaceuticals and our 12-month price target of $9 per share, following Rigel’s 3Q18 financial results. Management reiterated its corporate progress and reviewed updates mostly unveiled at the recent R&D day (see our 10/4/18 note here). We continue to be impressed by the TAVALISSE (fostamatinib) launch in chronic immune thrombocytopenia (cITP), which is further validated by the recent Asia partnership with Kissei Pharmaceutical (TYO: 4547 – Not Covered). We expect additional quarters of the launch to answer key questions on persistence of usage and the long-term growth of revenues.”
According to TipRanks.com, Piros has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.6% and a 38.0% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Proteostasis Therapeutics Inc, and Strongbridge Biopharma Plc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rigel with a $8 average price target, representing a 176.8% upside. In a report issued on October 29, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.50 price target.
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The company has a one-year high of $4.71 and a one-year low of $2.56. Currently, Rigel has an average volume of 2.5M.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RIGL in relation to earlier this year.
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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.
