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SOUTH SAN FRANCISCO - Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL), a biopharmaceutical company showing strong financial health according to InvestingPro metrics, today announced the appointment of Mark W. Frohlich, M.D., a seasoned medical oncologist, to its Board of Directors. Dr. Frohlich brings over two decades of experience in cellular immunotherapies for cancer treatment, along with a robust background in clinical drug development, translational research, and strategic portfolio management. The appointment comes as Rigel demonstrates impressive revenue growth of nearly 55% over the last twelve months.
Dr. Frohlich is currently at the helm of Indapta Therapeutics as CEO, a biotech firm engaged in developing allogenic natural killer cell therapies for cancer and autoimmune diseases. His previous roles include strategic advising for immuno-oncology biotechs and leading portfolio strategy at Juno Therapeutics, culminating in the FDA approval of Breyanzi® for lymphoma treatment. His tenure at Dendreon Corporation was marked by his leadership in achieving regulatory approval for PROVENGE®, an early cancer immunotherapy.
Before his industry roles, Dr. Frohlich served as an assistant adjunct professor at the University of California, San Francisco, focusing on urologic oncology and research. He holds a B.S. from Yale College and an M.D. from Harvard Medical School. His academic accolades include a chief residency and a Howard Hughes postdoctoral fellowship at UCSF.
Rigel’s president and CEO, Raul Rodriguez, expressed enthusiasm for Dr. Frohlich’s addition to the board, anticipating valuable insights for Rigel’s hematology and oncology pipeline expansion. Dr. Frohlich himself is eager to contribute to Rigel’s ongoing projects, particularly the IRAK1/4 and IDH1 inhibitor programs, which show promise for myelodysplastic syndrome and glioma patients.
Rigel Pharmaceuticals, founded in 1996 and based in South San Francisco, focuses on developing therapies for hematologic disorders and cancer. The company emphasizes its commitment to improving patient lives through its marketed products and pipeline of potential treatments. Financial data from InvestingPro shows the company maintains healthy liquidity with a current ratio of 2.13 and has achieved profitability with earnings per share of $0.99. The stock has shown strong momentum, gaining nearly 60% over the past six months. For deeper insights into Rigel’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
This announcement is based on a press release statement from Rigel Pharmaceuticals, Inc.
In other recent news, Rigel Pharmaceuticals reported robust financial results for the fourth quarter and full-year 2024. The company achieved a full-year net income of $17.5 million and reported fourth-quarter revenue of $57.6 million, which exceeded expectations. Product revenues included $31.0 million from Tavalisse, $7.4 million from Rezlidhia, and $8.1 million from Gavreto. Analysts at H.C. Wainwright maintained a Buy rating on Rigel with a $57.00 price target, highlighting the company’s strong financial performance and promising pipeline.
Citi analysts also increased their price target for Rigel to $55.00, up from $49.00, while maintaining a Buy rating, citing Rigel’s effective strategy and commercial progress. Meanwhile, Cantor Fitzgerald reiterated a Neutral rating with a $20.00 price target, reflecting their analysis of Rigel’s financial health and future prospects. Rigel’s plans for 2025 include expanding its commercial portfolio and increasing product sales internationally.
In other developments, NeuroPace reported a 19% year-over-year revenue growth, reaching $21.5 million, slightly exceeding analyst expectations. Cantor Fitzgerald raised its price target for NeuroPace to $20.00, maintaining an Overweight rating, indicating confidence in the company’s growth trajectory. NeuroPace’s recent capital raise is expected to support its product development timeline and drive further market penetration.
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