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Rigel Pharmaceuticals' price target is raised to US$7 by Jefferies analyst

Shares popped higher after the FDA approved its new drug application for Fostamatinib, known by brand name Tavalisse
Picture of pills
Eun Yang of Jefferies sees the approval of Tavalisse as a 'transformational' event

The share price target for Rigel Pharmaceuticals (NASDAQ:RIGL) has been raised to US$7 from US$5 by Eun Yang, a Jefferies analyst, following the US Food and Drug Administration’s approval of Rigel’s drug for a rare bleeding disorder.

Yang sees the approval this week of Tavalisse as a “transformational” event for Rigel and is keeping a 'Buy' rating on the stock, according to a note obtained by TheFly.com, a business news website.

The analyst puts a peak sales estimate of US$190mln on the drug which has been approved to treat patients with immune thrombocytopenic purpura, a disease which results in extensive bruising and bleeding due to low blood platelet levels.

Read: Rigel Pharmaceuticals gets FDA approval for treatment of rare bleeding disorder

The drug can also be used to treat second indication autoimmune hemolytic anaemia, which will likely be a “further driver of valuation”, according to Yang

Shares in Rigel have gained ground since Tuesday when the FDA approved the company’s new drug application for its lead drug Fostamatinib, which is known by its brand name Tavalisse.

The shares continued to rise in pre-market action but eased up to add only about 1% to US$4.17 in the regular session.

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