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TICKERS: RIGL

Pharma Co. Enrolls First Patient in Trial
Research Report

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Rigel Pharmaceuticals (RIGL:NASDAQ) recently announced the enrollment of the first patient in a Phase 1b/2 trial assessing decitabine and venetoclax in combination with Rezlidhia in mutated isocitrate dehydrogenase-1 (mIDH1) acute myeloid leukemia (AML), according to an H.C. Wainwright & Co. research note, which rated the stock a Buy.

H.C. Wainwright & Co. analyst Dr. Joseph Pantginis, in a research report published on September 5, 2024, provided an update on Rigel Pharmaceuticals (RIGL:NASDAQ) following the company's announcement of enrolling the first patient in its Phase 1b/2 triplet therapy trial for Rezlidhia (olutasidenib). The analyst maintained a Buy rating and a price target of US$57.00 on the stock.

Rigel announced the enrollment of the first patient in a Phase 1b/2 trial assessing decitabine and venetoclax in combination with Rezlidhia in mutated isocitrate dehydrogenase-1 (mIDH1) acute myeloid leukemia (AML).

Pantginis noted, "The trial, that is sponsored and being conducted by MD Anderson, is designed as a multi-center, open-label, non-randomized clinical study."

The analyst highlighted the trial's structure, stating, "The Phase 1b portion intends evaluate the safety and tolerability and determine recommended Phase 2 dose (RP2D) of oral or intravenous (i.v.) decitabine and venetoclax in tandem with olutasidenib in r/r mIDH1 patients. The Phase 2 part plans to include 60 patients, and its primary objective is to determine the complete remission rate in both newly diagnosed (n=30) and r/r mIDH1 AML patients (n=30)."

Pantginis also discussed Rigel's recent expansion of its partnership with Kissei Pharmaceuticals, which includes an exclusive license and supply agreement for Rezlidhia in Japan, South Korea, and Taiwan. "We welcome this news as it strengthens the already strong partnership between Rigel and Kissei," the analyst commented.

Rigel's strategic focus includes developing Rezlidhia for various indications and exploring additional ex-U.S. partnership opportunities. The company's recent milestones include the U.S. approval of Rezlidhia for relapsed or refractory mIDH1 AML and the expanded partnership with Kissei Pharmaceuticals.

H.C. Wainwright's valuation methodology for Rigel Pharmaceuticals is based on a clinical net present value (NPV) model. "Our price target is based on our clinical net present value (NPV) model, which derives its value from: (1) Tavalisse in ITP (62% contribution) and (2) AML contribution from Rezlidhia (27% contribution) and (3) Gavreto contribution for RET NSCLC and thyroid cancer (11% contribution)," Pantginis explained.

With a Buy rating and a price target of US$57.00, representing a potential return of approximately 332% from the price at the time fo the report of US$13.18, H.C. Wainwright sees significant upside potential for Rigel Pharmaceuticals.

Pantginis concluded by noting, "We highlight that we do not include additional indications Rezlidhia or pipeline assets, all representing potential upside potential to our valuation."


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Important Disclosures:

  1. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 
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Disclosures for H.C. Wainwright & Co., Rigel Pharmaceuticals Inc., September 5, 2024

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility.

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Joseph Pantginis, Ph.D., Matthew Keller, Ph.D., Joshua Korsen, Ph.D., Sara Nik, Ph.D. and Lander Egaña Gorroño, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Rigel Pharmaceuticals, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of August 31, 2024 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Rigel Pharmaceuticals, Inc..

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from Rigel Pharmaceuticals, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Rigel Pharmaceuticals, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit t Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.





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