Citi upgrades Rigel to Buy after leukemia approval comes earlier

Citi analyst Yigal Nochomovitz upgraded Rigel Pharmaceuticals to Buy from Neutral with a price target of $2, up from $1.50. The Rezlidhia approval for relapsed or refractory acute myeloid leukemia comes 2.5 months ahead of schedule, Nochomovitz tells investors in a research note. Based on key opinion leader feedback, the analyst expects Rezlidhia will eventually become the market share leader over Tibsovo. Nochomovitz raised Rezlidhia’s peak share estimate from 40% to 55% by 2030.