2024-02-23 08:30:00 ET
Summary
- Rigel Pharmaceuticals reported promising preliminary Q4 and full-year 2023 results, with record-breaking net product sales for TAVALISSE and REZLIDHIA.
- The company's cash position remains healthy, providing support for its corporate, commercial, and pipeline initiatives.
- Investors should look out for updates on commercial information, efforts to expand olutasidenib, and the development of other products beyond TAVALISSE and REZLIDHIA.
It has been over years since my last Rigel Pharmaceuticals ( RIGL ) article, where I discussed TAVALISSE's prospects as a COVID-19 treatment option. Before that article, I frequently covered the company’s long-term potential thanks to TAVALISSE's growth and Rigel's promising pipeline. Unfortunately, the company's COVID-19 endeavors were not fruitful and the RIGL share price has been cut in half. Despite my lack of coverage, my interest in Rigel has not faded, and I have made RIGL a "Top Idea" in the Compounding Healthcare investing group. I made this decision following the company's January update , where Rigel reported promising preliminary Q4 and full-year 2023 results. Notably, Rigel revealed that Q4 total revenue hit $35.7M thanks to record-breaking net product sales of $25.7M for TAVALISSE and $3.9M for REZLIDHIA. The ticker has rallied more than 30% over the past three months, yet, I still believe RIGL is still trading at a significant discount for its current condition and long-term potential, making it a regular on the Daily Watch List to take advantage of the opportunity....
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Rigel Pharmaceuticals: Upgrading To A 'Top Idea' Ahead Of Promising Q4/2023 Earnings Report