Rigel (RIGL) Gets a Buy Rating from H.C. Wainwright

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 $3.07.

Pantginis commented:

“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.”

According to TipRanks.com, Pantginis is ranked 0 out of 5 stars with an average return of -10.2% and a 33.7% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.

Rigel has an analyst consensus of Strong Buy, with a price target consensus of $8, a 160.6% upside from current levels. In a report issued on October 4, Cantor Fitzgerald also reiterated 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 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 8 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.