Rigel Pharmaceuticals stocks up 7.7% in Q2
Rigel, Inc. said Wednesday that it expects to report full-year results for the second quarter.
The stock has gained 11.4% year-to-date and closed at $31.60 a share.
In its most recent earnings report, Rigel said it had seen the biggest improvement in sales in seven years and the company’s first-quarter sales growth was the fastest in its history.
Rigel has a strong pipeline of clinical-stage drugs and is focused on acquiring new drugs and developing new products, it said.
In Q2, Rigels annual net revenue grew 18.4%, to $7.5 billion.
“The company’s continued success in its mission to advance healthcare and innovation has driven significant shareholder value,” said Paul Hirsch, president and chief executive officer of Rigel.
“As the Company moves to build a more sustainable, sustainable business, we believe the company will continue to achieve its strategic goals.”
Rigel’s stock has rallied about 25% this year, mostly driven by a recent agreement to sell its research and development activities.
In the second-quarter, Riges sales jumped 23% to $2.7 billion.
It has raised about $500 million in funding in recent years.