Here's Why You Should Bet on Rigel Pharmaceuticals (RIGL) Now
Rigel Pharmaceuticals RIGL makes medicines for treating hematologic disorders and cancer. Its two commercial products are Tavalisse tablets for the treatment of adults patients with chronic immune thrombocytopenia (“ITP”) who have had an insufficient response to a previous treatment and Rezlidhia (olutasidenib) capsules for treating relapsed or refractory acute myeloid leukemia (“AML”) in patients with an IDH1 mutation.
Sales of Tavalisse tablets rose 26% in the first nine months of 2023, driven by demand growth. The company has been witnessing a consistent rise in new patient starts. Many patients with ITP do not respond well to current therapies like steroids, blood platelet production boosters and splenectomy, thus creating a significant medical need for additional product options for patients with ITP. Rigel Pharmaceuticals expects new patient starts for Tavalisse to continue to increase in 2024
Though sales of Rezlidhia, which was launched in December 2022, have been slow to pick up. Rigel Pharmaceuticals is working to improve awareness of the product. Moreover, Rigel Pharmaceuticals believes olutasidenib has potential in various settings in AML and other cancers as well where mutant IDH1 plays a role.
An important pipeline candidate is R2891, an investigational, potent, and selective IRAK1/4 inhibitor, in phase I study for treating patients with lower-risk myeloid dysplastic syndrome (LR-MDS) who are refractory/resistant to prior therapies. Enrollment in the study is ongoing, with preliminary data expected in mid-2024, which could be an important catalyst for the stock.
Rigel Pharmaceuticals’ stock has risen 5.9% in the past year compared with an increase of 0.5% for the industry.
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Rigel Pharmaceuticals sports a Zacks Rank #1 (Strong Buy) currently.
Rigel Pharmaceuticals, Inc. Price and Consensus
Rigel Pharmaceuticals, Inc. price-consensus-chart | Rigel Pharmaceuticals, Inc. Quote
In the past 60 days, the loss per share estimate for Rigel Pharmaceuticals for 2024 has narrowed from 15 cents per share to 8 cents per share.
Earnings of Rigel Pharmaceuticals beat estimates in each of the last four quarters, delivering an average surprise of 58.14%.
Other Stocks to Consider
Some other top-ranked drug/biotech companies worth considering are Novo Nordisk NVO, Aquestive Therapeutics AQST and Puma Biotechnology PBYI, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Estimates for Novo Nordisk’s 2024 earnings per share have increased from $2.99 to $3.14 over the past 60 days. NVO’s stock has surged 49% in the past year.
Earnings of Novo Nordisk beat estimates in two of the last four quarters, missed in one and matched estimates in one, delivering an earnings surprise of 0.58% on average.
In the past 60 days, the consensus estimate for Aquestive Therapeutics’ 2024 loss has narrowed from 56 cents per share to 34 cents per share. Aquestive Therapeutics’ stock has surged 127% in the past year.
Aquestive Therapeutics beat estimates in three of the trailing four quarters and missed the mark once, delivering an average earnings surprise of 70.58%.
In the past 60 days, the consensus estimate for Puma Biotechnology’s 2024 earnings has increased from 62 cents to 69 cents per share. PBYI’s stock has rallied 7.7% in the past year.
Puma Biotechnology beat estimates in three of the trailing four quarters and missed the mark once, delivering an average earnings surprise of 76.55%.
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