Rigel's positive PhIII for bleeding disorder triggers a roller coaster ride for shares
A failure-prone Rigel Pharmaceuticals claimed a much-needed win in a Phase III study of its lead drug. And the news spurred a temporary spike in its share price, with the stock $RIGL soaring more than 50% and then quickly settling back to a much more modest gain of about 7% as analysts took a second look at the unexciting results.
Investigators say the drug did significantly better than a placebo, with 18% of the patients in the drug arm achieving a stable platelet response, up against none in the placebo arm. And that, Rigel says, should set up an approval for use among treatment-resistant patients, provided the next late-stage study – due in a couple of months – confirms its results.
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