Rigel: Core Growth Thesis Intact Despite Eli Lilly’s R552 Exit, With Commercial Portfolio and R289 Pipeline Driving Buy Rating

In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Rigel, with a price target of $57.00.

Joseph Pantginis has given his Buy rating due to a combination of factors that, in his view, limit the impact of Eli Lilly’s exit from the R552 collaboration on Rigel’s long‑term outlook. He interprets Lilly’s move as a reprioritization within Lilly’s own pipeline rather than clear evidence of a fundamental problem with R552 itself, and notes that R552 was never a component of his valuation model for the company.

Pantginis emphasizes that Rigel has already been directing its strategy toward strengthening its existing commercial products, including Tavalisse, Rezlidhia, and Gavreto, which he sees as the primary drivers of value. He also highlights the continued advancement of the R289 program, with dose‑expansion efforts underway and key clinical milestones expected in 2026, supporting his view that Rigel’s core growth thesis remains intact despite the Lilly development.