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We usullay do not features stocks that are below $5. However, this stock has a promising future.
Rigel Pharmaceuticals, Inc. (RIGL) is a clinical-stage biotechnology company.
The firm engages in the discovery and development of novel and targeted drug candidates in the therapeutic areas of immunology, oncology, and immuno-oncology.
It is developing fostamatinib, an oral spleen tyrosine kinase inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura and in Phase II clinical trials for autoimmune hemolytic anemia and IgA nephropathy; R348, an ophthalmic janus kinase/spleen tyrosine kinase inhibitor that is in Phase II clinical trials for the treatment of patients with ocular graft-versus-host disease; and two oncology product candidates in Phase I development.
The company has license agreements with Aclaris Therapeutics International Limited for the development and commercialization of certain janus kinase inhibitors for the treatment of alopecia areata and other dermatological conditions; AstraZeneca AB for the development and commercialization of R256, an inhaled janus kinase inhibitor; BerGenBio AS for the development and commercialization of an oncology program; and with Daiichi Sankyo to pursue research related to a specific target from a novel class of drug targets called ligases, as well as a collaboration agreement with Bristol-Myers Squibb Company for the discovery, development, and commercialization of cancer immunotherapies.
Shares have formed a bullish "pennant" following release of its clinial data on its experimental drug, fostamatinib, for patients with an autoimmune platelet disease met its primary endpoint in a phase III study. The biotechnology company reported that 18% of patients receiving the drug achieved a stable platelet response vs. none who received the placebo. Following release of the data, RIGL was upgraded by all the analysts who follow the stock. Piper Jaffray raised its price target to $11 while others PT ranged from $6-$9. The drug, once launched, is expected to have a $400 million annual revenue.
52-Weeks Trading Range: $1.88 - $4.06
Entry Point: $3.45
Stop Loss: $3.20
Target Price: $4.00
RIGL closed at $4.00
