Rigel, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on the stock and has a $57.00 price target.
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Joseph Pantginis has given his Buy rating due to a combination of factors including Rigel’s strong financial performance and promising growth prospects. The company reported impressive second-quarter results with an EPS of $3.28, surpassing both the firm’s estimate of $2.52 and the consensus of $1.40. Additionally, Rigel’s total revenue reached $101.7 million, exceeding expectations primarily due to higher-than-anticipated revenue from Tavalisse, which benefited from increased patient starts and improved access following changes in Medicare Part D coverage.
Moreover, Rigel’s strategic initiatives and partnerships are contributing to its positive outlook. The launch of Tavalisse in South Korea by its partner JW Pharmaceutical highlights its expanding international presence. Furthermore, Rigel’s ongoing clinical trials, such as the Phase 1b trial of the IRAK1/4 inhibitor R289 and the planned Phase 2 trial for recurrent glioma, underscore its commitment to advancing its pipeline. These developments, along with a strong cash position of $108.4 million, support Pantginis’s optimistic view of Rigel’s future performance.
In another report released today, Citi also maintained a Buy rating on the stock with a $67.00 price target.