Rigel Pharmaceuticals price target raised to $25 from $15 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Rigel Pharmaceuticals (RIGL) to $25 from $15 and keeps a Neutral rating on the shares. Rigel announced initial data from the Phase 1b study of R289 in relapsed/refractory lower-risk myelodysplastic syndrome showing that the treatment was generally well-tolerated where 40% of the evaluable patients at the greater than or equal to 500 mg QD dose achieved hematologic responses and one achieved a 64% reduction in red blood cell transfusions, the analyst tells investors in a research note. While Rigel’s commercial pipeline has seen slow growth, pipeline optionality keeps the story more interesting and introduces the potential for more inflection points on the stock, Cantor says.