HC Wainwright & Co. reiterates Buy rating on Rigel Pharmaceuticals, $85 price target

HC Wainwright & Co. reiterated their Buy rating on Rigel Pharmaceuticals's stock with a price target of $85.00.

The price target implies an upside of 84.9% from the Oct 16 close of $45.97.

Key takeaways from the analyst note

Strong Clinical Performance: Rigel Pharmaceuticals has demonstrated significant efficacy of its drug candidates, particularly pralsetinib (Gavreto), which showed a 75% overall response rate in first-line RET fusion-positive NSCLC patients. This strong clinical data supports the drug's potential in various malignancies, enhancing investor confidence.

Robust Pipeline and Valuation: The company's evolving portfolio, including TAVALISSE, REZLIDHIA, and R289, contributes to a favorable risk-adjusted net present value (rNPV) assessment, leading to a price target of $85. This reflects optimism about future revenues from both commercial products and clinical-stage developments.

Explore more price target data and ratings for Rigel Pharmaceuticals on the Forecasts tab.