Thursday, July 9, 2009

Rigel Pharma Surges on Phase IIB Results

This morning Rigel Pharma (RIGL) reported results from its Phase IIB study on once daily oral medicine for Rheumatoid Arthritis (RA). The results showed that R788 was helpful for most patients with a minor side effect on some patients of higher blood pressure.

RIGL remains a favorite high risk biotech play for Stone Fox. The analysts continue with the positive comments and targets in the $30s. We'll likely stay on board for at least the mid $20s. The stock was trading in the $13s after this news so thats a significant gain from here.

RIGL
theflyonthewall.com:
Rigel Pharma's R788 will be partnered in next few months, say Rodman & Renshaw

Following positive R788 positive Ph IIb TASKi2 clinical trial results, Rodman & Renshaw said the drug will be partnered in the next few months. Shares are Outperform rated with a $33 price target.

08:13 EDT RIGL theflyonthewall.com:
Rigel Pharma positive data could lead to lucrative deal, says Thomas Weisel

Thomas Weisel believes the Phase II data for Rigel R788 was positive and the firm believes the data could lead to a lucrative licensing deal for the company. The firm maintains an Outperform rating on Rigel target $30

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