Here's Why Rigel Pharmaceuticals, Inc. Is Jumping Higher Today
Shares of Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL), a clinical-stage biotech, are on the rise today after the company announced results of a recent meeting with the Food and Drug Administration. It looks like the agency isn't too concerned with mixed data from pivotal trials supporting the company's first new drug application for Tavalisse, formerly fostamatinib. In response, the stock has risen 33.9% as of 10:58 a.m. EDT during Monday's session
Between 60,000 and 125,000 Americans suffer from an incurable blood-based disease called immune thrombocytopenic purpura (ITP). Tavalisse could generate perhaps $350 million in peak annual sales if approved to treat this underserved group, but mixed results during pivotal trials underpinning the candidate's new drug application have kept the stock depressed. The stock is surging today because the FDA won't require an independent advisory committee meeting to discuss the application, which strongly suggests the mixed results aren't going to be an issue after all.
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Source: Fool.com