After a sell-off in the biotech sector, we found a great deal of severely undervalued names trading at extremely low prices. It’s part of the reason why we recommended Rigel Pharmaceuticals (RIGL) at just $1.95 a share in the April 2016 issue of The Cheap Investor.
Shares of RIGL are now up 108% after the company announced favorable data on its oral spleen tyrosine kinase inhibitor, fostamatinib, for the treatment of adult chronic/persistent immune thrombocytopenia (ITP), which met the primary endpoint in the first two phase III studies of its clinical program. Results demonstrated that 18% of patients who received the treatment achieved a stable platelet response, as compared to those receiving the placebo.
The treatment is also being evaluated in the second Phase III study with results expected between October and November… with a potential New Drug Application (NDA) filing by the first quarter of 2017.