Why has Rigel Pharmaceuticals, Inc. (RIGL) soared recently?

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Rigel Pharmaceuticals, Inc. (RIGL) saw a substantial gain in its share price. The share price of this stock has increased by 0.12% in current market trading Today.

Phase 2 Trial of Fostamatinib

Clinical Infectious Diseases has published data from a Phase 2 clinical study examining the safety of fostamatinib for the treatment of hospitalized patients with COVID-19.

The National Heart, Lung, and Blood Institute (NHLBI), which is part of the National Institutes of Health (NIH), partnered with Inova Health System to conduct the research.

The introduction of fostamatinib to standard of care (SOC), which included the antiviral remdesivir and the steroid dexamethasone, was well considered acceptable and associated with significant clinical improvements in clinical outcomes in hospitalized COVID-19 patients who considered necessary supplemental oxygen, according to the results of the 59 patient Phase 2 trial.

While the study was not large enough to test clinical efficacy, a number of predetermined secondary endpoints, such as mortality, time to sustained recovery, change in ordinal scale assessment, number of days on oxygen, and number of days in the ICU, consistently favored fostamatinib, suggesting that fostamatinib may provide a therapeutic benefit over current SOC alone.

COVID-19 Program Update from Rigel Pharmaceuticals

The US Food and Drug Administration (FDA) has told RIGL that clinical data from a 59-patient NIH/NHLBI-sponsored Phase 2 study of fostamatinib to treat hospitalized COVID-19 patients submitted in late May are insufficient for an emergency use authorization (EUA) at this time.

The FDA stated in their statement that they are dedicated to collaborating with Rigel in the development of fostamatinib for COVID-19, noting that the company is now undertaking a bigger Phase 3 clinical trial assessing fostamatinib in hospitalized COVID-19 patients.

Bottom Line

The price has gained in five of the previous ten days, increasing by 9.03 percent in that time. Investors should keep an eye on the trends and make a decision accordingly.

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