RIGL - Here's Why Rigel Pharmaceuticals Is Erupting This Week
Shares of Rigel Pharmaceuticals (NASDAQ: RIGL) rose as much as 14% today and have gained 35% in the last week. On Monday the company reported preliminary fourth-quarter and full-year 2019 operating results showing that its lead drug product, Tavalisse, could be back on a promising growth trajectory in the United States. The company also announced that Tavalisse had received marketing approval in Europe, which swipes away a big source of uncertainty concerning a partnership with Grifols (NASDAQ: GRFS).
Rigel Pharmaceuticals expects to report total fourth-quarter 2019 revenue of $15.4 million, including Tavalisse product revenue of $13.8 million. The revenue figure would top the consensus on Wall Street, which is all the more impressive considering product revenue had lagged estimates in previous quarters and therefore had more ground to make up in the final three months of the year.
As of 10:54 a.m. EST, the pharma stock had settled to a 7.4% gain.