It has been a stellar few months for shares of San Francisco-based biotech firm Rigel Prescribed drugs, which has accredited remedies for hematology and oncology — in addition to potential new medication within the pipeline.
The inventory has jumped about 50% in simply the final three months, incomes it a spot on CNBC’s checklist of prime performing shares of firms based mostly within the Metropolis by the Bay. To seek out the shares, CNBC screened for names based mostly within the space that had market caps above $500 million. We then screened for the highest performers during the last three months through FactSet.
“We’ve a enterprise that is rising considerably,” CEO Raul Rodriguez mentioned in an interview with CNBC’s Brian Sullivan. “[We] grew 30% on common for 4 years, and this yr, about 50% … including new merchandise, rising these merchandise, financially disciplined, in order that we’re worthwhile.”
Rigel Prescribed drugs yr thus far
Rigel blew away analyst expectations when it reported second-quarter leads to August. Its earnings had been $3.28 per share, versus the $2.58 a share anticipated from analysts polled by FactSet. Income got here in at $101.7 million, effectively above the $88.9 million consensus estimate. The corporate additionally lifted its full-year income steerage to a spread of $270 million to $280 million, up from its prior forecast of $200 million to $210 million.
It additionally noticed development throughout the three medication at the moment available on the market. Tavalisse treats sufferers with low platelet counts attributable to persistent immune thrombocytopenia (ITP). Gavreto is a lung most cancers remedy, whereas Rezlidhia is a focused remedy for adults with acute myeloid leukemia (AML) which have an isocitrate dehydrogenase-1 (IDH1) mutation.
There are at the moment two scientific applications underway, with one being led by its companion Eli Lilly for an autoimmune and inflammatory dysfunction remedy known as Ocadusertib. The opposite is for what Rigel is asking R289, which goals to deal with sufferers with lower-risk myelodysplastic syndrome (LR-MDS), a sort of blood most cancers.
R289 is now within the early levels of scientific trials and Rodriguez hopes to current some knowledge on the American Society of Hematology assembly in December.
“We’re beginning a brand new section of the trials, the place we’re including a considerably bigger variety of sufferers,” he mentioned. “So by the tip of subsequent yr, we’ll be capable to say one thing rather more definitive about this product and this indication.”
Rigel is anticipated to announce its newest quarterly outcomes on Nov. 4.
Correction: Rigel’s R289 treats sufferers with lower-risk myelodysplastic syndrome. The corporate has remedies for hematology and oncology. A previous model of this story misstated the drug’s identify.
