Why Rigel Pharmaceuticals Stock Skyrocketed 91% Today
Shares of Rigel Pharmaceuticals (NASDAQ: RIGL) soared more than 90% on Tuesday after the biotech company announced the start of a clinical trial for a potential treatment for COVID-19 pneumonia.
Imperial College London will conduct the trial to evaluate the efficacy of fostamatinib for the treatment of COVID-19 pneumonia. Fostamatinib is Rigel's oral spleen tyrosine kinase (SYK) inhibitor. It's already approved for the treatment of an autoimmune disorder in the U.S. and Europe, which could help to speed the delivery of the drug to COVID-19 patients if it proves effective.
Rigel Pharmaceuticals' stock rocketed higher on Tuesday. Image source: Getty Images.
Source Fool.com
