Analyst Joseph Pantginis of H.C. Wainwright reiterated a Buy rating on Rigel, retaining the price target of $57.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors related to Rigel’s ongoing clinical developments and financial projections. The initiation of the dose expansion phase in the Phase 1b study of R289 marks a significant step forward. This study is crucial as it assesses the safety and efficacy of the IRAK1/4 inhibitor in patients with relapsed or refractory lower-risk myelodysplastic syndrome, aiming to establish the recommended Phase 2 dose. The anticipated data from this study, along with planned discussions with the FDA, are expected to provide strategic direction for future trials.
Additionally, the Buy rating and $57 price target are supported by a clinical net present value model. This model primarily values Rigel’s Tavalisse for ITP, with significant contributions also coming from Rezlidhia for AML and Gavreto for RET NSCLC and thyroid cancer. The model does not yet account for additional potential indications for Rezlidhia or other pipeline assets, which could present further upside. However, potential challenges include the risk of unsuccessful clinical trials or difficulties in securing necessary funding for drug development.
In another report released today, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $33.00 price target.