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Fly News Breaks for August 31, 2016
RIGL
Aug 31, 2016 | 09:14 EDT
BMO Capital analyst Do Kim raised his price target on Rigel following positive results from the first of two Phase III trials for fostamatinib in chronic ITP. The analyst says that the significant 18% response rate versus placebo supports FDA approval and his estimate of $742M of peak sales in ITP. The analyst thinks that the chances of the drug showing positive results in an upcoming Phase II trial in AIHA have increased, since the diseases have the same mechanism. He keeps an Outperform rating on the shares.
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