Analyst Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Rigel and keeping the price target at $57.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors, chiefly Rigel’s acquisition of global rights to VEPPANU, an FDA-approved, de-risked PROTAC therapy for a defined subset of advanced breast cancer patients. He views this asset as a strong commercial addition that expands Rigel’s portfolio to four approved products, supported by a differentiated mechanism and a favorable tolerability profile that could drive physician adoption and patient retention.
Pantginis also believes the focused ESR1-mutated market, while narrower than the broader ER+/HER2- setting, can still be meaningfully impactful for a company of Rigel’s size, especially as management plans to leverage its existing commercial and medical infrastructure for launch. With Pfizer and Arvinas retaining responsibility for ongoing trials and Rigel’s financial commitments capped and milestone-based, he sees an attractive risk-reward setup and therefore reiterates his Buy rating with an unchanged $57 price target.
In another report released on May 7, Citi also maintained a Buy rating on the stock with a $69.00 price target.
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RIGL in relation to earlier this year.