H.C. Wainwright Sticks to Its Buy Rating for Rigel (RIGL)

In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Rigel (NASDAQ: RIGL), with a price target of $7.50. The company’s shares opened today at $2.95.

Pantginis said:

“Valuation and impediments to achieving price target. We reiterate our Buy rating and $7.50 price target. Our target is based on our clinical net present value (NPV) model, which derives its value from Tavalisse without any current contribution from pipeline assets. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.”

According to TipRanks.com, Pantginis ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -13.0% and a 31.7% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Checkpoint Therapeutics Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rigel with a $8.17 average price target, a 176.9% upside from current levels. In a report released yesterday, Piper Jaffray also maintained a Buy rating on the stock with a $8 price target.

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The company has a one-year high of $4.71 and a one-year low of $2.14. Currently, Rigel has an average volume of 2.18M.

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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.