In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Rigel (RIGL – Research Report), with a price target of $7.50. The company’s shares closed yesterday at $2.30, close to its 52-week low of $1.96.
“Valuation and impediments to achieving price target. We reiterate our Buy rating and $7.50 price target. Our price 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 has currently no stars on a ranking scale of 0-5 stars, with an average return of -20.7% and a 22.9% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.
Currently, the analyst consensus on Rigel is a Strong Buy with an average price target of $8.13, implying a 253.5% upside from current levels. In a report issued on January 7, Cantor Fitzgerald also maintained a Buy rating on the stock with a $9 price target.
The company has a one-year high of $4.71 and a one-year low of $1.96. Currently, Rigel has an average volume of 2.11M.
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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.