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RIGEL PHARMACEUTICALS, INC.

(RIGL)
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Rigel Pharmaceuticals Shares Leap Premarket on FDA OK of Rezlidhia

12/02/2022 | 07:00am EST

By Colin Kellaher


Shares of Rigel Pharmaceuticals Inc. jumped more than 40% in premarket trading Friday after the biotechnology company said the U.S. Food and Drug Administration approved Rezlidhia for certain leukemia patients.

The South San Francisco, Calif., company said the approval covers Rezlidhia for adults with relapsed or refractory acute myeloid leukemia with a susceptible isocitrate dehydrogenase-1 mutation as detected by an FDA-approved test.

Rigel in August said it had inked an exclusive license agreement with Forma Therapeutics Holdings Inc. to develop, manufacture and commercialize the drug, which was under FDA review at the time with a target action date of Feb. 15, 2023.

Danish pharmaceutical company Novo Nordisk AS acquired Forma in October in a $1.1 billion deal.

Rigel said it will be responsible for the launch and commercialization of Rezlidhia in the U.S., adding that it plans to work with potential partners to further develop and commercialize the drug outside the U.S.

Rigel shares, which closed Thursday at 68.4 cents, were recently up nearly 43% to 97.7 cents in premarket trading.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

12-02-22 0659ET

Stocks mentioned in the article
ChangeLast1st jan.
NOVO NORDISK A/S 0.92% 947.9 Delayed Quote.1.06%
RIGEL PHARMACEUTICALS, INC. -3.74% 1.8 Delayed Quote.20.00%
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Analyst Recommendations on RIGEL PHARMACEUTICALS, INC.
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Financials (USD)
Sales 2022 93,2 M - -
Net income 2022 -80,5 M - -
Net Debt 2022 - - -
P/E ratio 2022 -3,91x
Yield 2022 -
Capitalization 311 M 311 M -
Capi. / Sales 2022 3,34x
Capi. / Sales 2023 2,63x
Nbr of Employees 165
Free-Float 98,8%
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Technical analysis trends RIGEL PHARMACEUTICALS, INC.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 1,80 $
Average target price 3,66 $
Spread / Average Target 104%
EPS Revisions
Managers and Directors
Raul R. Rodriguez Vice President-Business Development
Dean L. Schorno Chief Financial Officer & Executive Vice President
Gary A. Lyons Chairman
Wolfgang Dummer Chief Medical Officer & Executive Vice President
Bradford S. Goodwin Independent Director
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