Rigel Pharmaceuticals (RIGL) Bounce Warranted, Says Wells Fargo

Wells Fargo maintained a Market Perform rating on Rigel Pharmaceuticals (NASDAQ: RIGL). Earlier the company said it and Bristol-Myers Squibb Company announced that they have entered into a collaboration agreement for the discovery, development and commercialization of cancer immunotherapies based on Rigel's extensive portfolio of small molecule TGF beta receptor kinase inhibitors.

Bristol-Myers Squibb will pay $30 million upfront and Rigel will be eligible to receive development and regulatory milestones that could total more than $309 million for a successful compound approved in multiple indications. Rigel will also be eligible to receive tiered royalties on the net sales of any products from the collaboration.

Commenting on developments, analyst Brian Abrahams said he remains cautious on prospects of its lead ITP program, but he went on to call the stock's bounce today warranted given reasonable terms on TGF-beta.

For an analyst ratings summary and ratings history on Rigel Pharmaceuticals click here. For more ratings news on Rigel Pharmaceuticals click here.

Shares of Rigel Pharmaceuticals closed at $2.55 yesterday.

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