H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Rigel (RIGL) today and set a price target of $8. The company’s shares opened today at $2.17, close to its 52-week low of $1.96.
Pantginis said:
“Valuation and impediments to achieving price target. We reiterate our Buy rating though are increasing our price target to $8 from $7.50. The primary drivers to our price target change include: (1) adjustment to base year; and (2) adjustment to fully diluted share count. Our valuation is currently driven wholly by fostamatinib (Tavalisse) with 77% contribution from our U.S. and E.U. projections for cIPT and 23% contribution from our U.S. and E.U. projections for AIHA.”
According to TipRanks.com, Pantginis is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -22.0% and a 21.8% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rigel with a $8.25 average price target, a 280.2% upside from current levels. In a report released today, Cantor Fitzgerald also maintained a Buy rating on the stock with a $9 price target.
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Based on Rigel’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $23.77 million. In comparison, last year the company had a GAAP net loss of $25.87 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.
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