Rigel Pharmaceuticals price target raised to $17 from $1.75 at B. Riley

B. Riley analyst Kalpit Patel raised the firm’s price target on Rigel Pharmaceuticals to $17 from $1.75 and keeps a Neutral rating on the shares. Rigel’s revenue aligned with the firm’s estimates, while Rezlidhia revenue was lower than estimates, the analyst tells investors in a research note. The firm sees Gavreto likely gaining 20%-25% market share in RET-fusion positive NSCLC based on the differentiated safety profile and dosing advantage and believes R289 will attract investor interest if it achieves 30%-40% 24-week transfusion independence.