Cantor Fitzgerald Keeps a Buy Rating on Rigel

By Carrie Williams

In a report released today, Elemer Piros from Cantor Fitzgerald maintained a Buy rating on Rigel (NASDAQ: RIGL), with a price target of $6. The company’s shares opened today at $3.32.

Piros observed:

“Premature to Write-off IgAN for Now. Given the totality of the data and unmet need in IgAN, we have slightly lowered our probability of success for the program. While the data did not meet the primary endpoint of a statistically significant mean change in proteinuria from baseline, several positive trends were found among a pre-specified population of patients with greater than 1,000mg/g of proteinuria. Treatment with 150mg fostamatinib twice daily at 24-weeks led to a median reduction in proteinuria from baseline of 803mg/ g (n=15), compared with 100mg fostamatinib’s reduction of 720mg/g (n=16) and placebo’s reduction of 177mg/g (n=14). These trends were also observed among patients who entered the study with a baseline proteinuria of 2,000mg/g. During the study safety events were in-line with previous experiences, with two patients experiencing severe adverse events across each cohort and two events reported as drug related (pancreatitis and abnormal liver enzyme). As a reminder, fostamatinib has over 5,000 patient-years of experience generated with the drug. Going forward, Rigel plans to advance the IgAN program through collaborations with a pharmaceutical partner, which we believe could be potentially bundled with an ex-U.S. territory licensing of TAVLISSE for lead indication ITP.”

According to TipRanks.com, Piros is ranked 0 out of 5 stars with an average return of -7.3% and a 41.9% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.

Rigel has an analyst consensus of Moderate Buy, with a price target consensus of $6.50.

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 1.32M.

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Rigel Pharmaceuticals, Inc. is a clinical stage biotechnology company. It discovers and develops novel, targeted drugs in the therapeutic areas of immunology, oncology and immune oncology. The company focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms.