Advertisement

Why Rigel Pharmaceuticals Stock Jumped Today

Why Rigel Pharmaceuticals Stock Jumped Today

Shares of Rigel Pharmaceuticals (NASDAQ: RIGL) shot higher on Tuesday after the biotech announced positive topline data from a phase 2 clinical trial for fostamatinib as a treatment for hospitalized COVID-19 patients. Fostamatinib is already approved in the U.S. and elsewhere as a treatment for adult chronic immune thrombocytopenia. Rigel Pharmaceuticals is currently running a phase 2 study for the medicine in COVID-19 patients in collaboration with the National Institutes of Health (NIH) and Inova Health System, a nonprofit healthcare provider headquartered in Virginia.