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Fly News Breaks for June 20, 2017
RIGL
Jun 20, 2017 | 08:06 EDT
BMO Capital analyst Do Kim increased the price target on Rigel after the FDA accepted the company's NDA filing for its Tavalisse drug in chronic ITP. As a result of the news, the analyst raised the estimate of the chances of the drug being successful to 80% from 70%. Kim expects an FDA panel to issue a positive recommendation on the drug at the end of this year or the beginning of 2018 and recommends that investors buy the stock before such a panel is announced. Kim says that the panel could be announced in the fall. Kim raised the price target on the shares to $5 from 44 and keeps an Outperform rating.
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