H.C. Wainwright Thinks Rigel’s Stock is Going to Recover

In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Rigel (RIGLResearch Report), with a price target of $8. The company’s shares opened today at $2.21, close to its 52-week low of $1.96.

Pantginis said:

“Valuation and impediments to achieving price target. We reiterate our Buy rating and $8.00 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 is a 1-star analyst with an average return of -1.3% and a 35.8% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rigel with a $7.25 average price target, a 228.1% upside from current levels. In a report issued on May 7, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $7 price target.

See today’s analyst top recommended stocks >>

Based on Rigel’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $17.6 million. In comparison, last year the company had a GAAP net loss of $24.39 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.