Rigel Pharmaceuticals (RIGL) PT Raised to $6 at BMO Capital Following Positive ITP Study
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BMO Capital analyst Do Kim reiterated an Outperform rating and raised his price target on Rigel Pharmaceuticals (NASDAQ: RIGL) to $6.00 (from $4.00) following positive results from the first of two Phase III trials for fostamatinib in chronic ITP.
"We believe the significant 18% response rate versus placebo support FDA approval (pending similar results from second study) and our WW peak sales estimate of $742mn in ITP," Kim commented. "Furthermore, it increases the chances of the AIHA Phase II study given the same disease mechanism."
Shares of Rigel Pharmaceuticals closed at $2.64 yesterday.
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