Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL)
Rigel Pharmaceuticals is having a strong day in the market today, and for good reason. At 7 eastern, a report was released surrounding the company’s lead candidate, fostamatinib. In fact, according to today’s release, it looks like the company is on track with previous NDA submission plans, which means that we’re likely to see one very soon. Below, we’ll talk about the news, what we’re seeing from the stock as a result, and what investors should be watching for ahead.
RIGL Is Pushing Fostamatinib Along Smoothly!
Fostamatinib is a treatment that Rigel Pharmaceuticals developed for the treatment of chronic ITP. In previously released data from the FIT Phase 3 clinical studies of the treatment, we learned that patients who responded to the treatment not only responded, but that response was timely, robust, and sustained.
Following the previous release of data, RIGL has been tracking patients involved in these studies. The patients had been on fostamatinib treatment for a median of 16 months as of September 2016. The patients that responded to the treatment maintained better platelet counts. Also, 41 of 44 patients in the placebo arms of these studies have been treated with fostamatinib for a minimum of 12 weeks. 22% of these patients have achieved a prospectively defined stable platelet response.
Due to the strong data, RIGL believes that fostamatinib has been further validated as a potential treatment option for patients with this serious condition. As a result, the company offered the following in a statement:
“These data continue to support our plan to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for fostamatinib in chronic ITP in the first quarter of this year.”
How The Stock Reacted To The News
As investors and traders, one of the first things that we learned when we started was that the news moves the market. The news released today shows that Rigel Pharmaceuticals is following through on it’s plans to push fostamatinib to the market, and investors are excited. As a result, the stock is edging up today. Currently (10:15), RIGL is trading at $2.07 per share after a gain of $0.09 per share (4.55%) thus far today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on RIGL. In particular, we’ll be watching for news surrounding the coming NDA. The company is expecting to submit the NDA within the first quarter of 2017, which is already about one third over. When this NDA is submitted, it will likely prove to be a catalyst and an incredible opportunities for those on top of the news! We’ll keep a close eye on the news and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]