Cantor Fitzgerald Thinks Rigel’s Stock is Going to Recover

Cantor Fitzgerald analyst Elemer Piros reiterated a Buy rating on Rigel (NASDAQ: RIGL) today and set a price target of $9. The company’s shares closed on Friday at $2.84, close to its 52-week low of $2.56.

Piros said:

“We believe Rigel is poised to achieved meaningful commercial sales of TAVALISSE in immune thrombocytopenia. In addition to ITP, we see expansion opportunities in AIHA and IgAN. Valuation Summary We arrive at our 12-month price target of $9/share by assessing the after-tax, risk- adjusted NPV of potential future cash flows from fostamatinib for immune-related disorders.”

According to TipRanks.com, Piros has 0 stars on 0-5 star ranking scale with an average return of -9.6% and a 36.0% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rigel with a $8 average price target.

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Based on Rigel’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $25.56 million. In comparison, last year the company had a GAAP net loss of $17.66 million.

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.