Rigel Pharmaceuticals (RIGL) PT Raised to $11 at BMO Capital

BMO Capital analyst Do Kim raised the price target on Rigel Pharmaceuticals (NASDAQ: RIGL) to $11.00 (from $10.00) while maintaining a Outperform rating.

Kim commented, "We believe the signing of a European partner represents an important milestone, as it provides non-dilutive financing as well as additional validation for Tavalisse's market opportunity. While $30mn may be below the typical upfront payment expected from a near-commercial asset, we believe tiered royalties up to 30% allows greater participation in the European opportunity, particularly if Tavalisse expands to AIHA. Our estimates and target price increase to $11 from $10, as we account for the upfront/milestone payments and higher royalty rate."

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