Stock Alert: Rigel Pharma Soars 80%

(RTTNews) - Shares of Rigel Pharmaceuticals, Inc. (RIGL) jumped more than 80% jump on the news that an investigator-sponsored trial (IST) has been started by Imperial College London to study its approved treatment fostamatinib, in patients with Covid-19 pneumonia.

The stock hit a new high of $5.24 this morning.

Fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, is approved in the U.S. and Europe as a treatment for adult chronic immune thrombocytopenia (ITP).

"Severe COVID-19 pneumonia can lead to acute respiratory distress syndrome, or ARDS, which can often be fatal. Given encouraging data from pre-clinical models of fostamatinib, we believe there is potential for SYK inhibition to help treat the severity of the disease for these patients and to prevent ARDS," said Raul Rodriguez, Rigel's president and CEO.