Cantor Fitzgerald Reaffirms Their Buy Rating on Rigel (RIGL)

By Austin Angelo

In a report released yesterday, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Rigel (RIGLResearch Report), with a price target of $7. The company’s shares closed yesterday at $2.32, close to its 52-week low of $1.96.

Piros wrote:

“: We reiterate our OW rating and $7 PT on Rigel following results from the period ended 3/31/2019. During the quarter, Rigel reported sales of $8.1 million for TAVALISSE for the treatment of immune thrombocytopenia (ITP), which was a slight beat vs. our $7.7 million estimate. Our near-term focus for Rigel will remain on quarterly U.S. sales for TAVALISSE. Additionally, we await an EU approval decision by year-end 2019, which could expand the revenue opportunity for Rigel and provide upfront capital of nearly $40 million from Grifols (GRFS – NC).”

According to TipRanks.com, Piros is a 1-star analyst with an average return of -0.4% and a 47.9% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Proteostasis Therapeutics Inc.

Currently, the analyst consensus on Rigel is a Strong Buy with an average price target of $7.25.

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Based on Rigel’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $3.23 million. In comparison, last year the company had a GAAP net loss of $24.39 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. The firm focuses on intracellular signalling pathways and related targets that are critical to disease mechanisms.