Why Rigel Pharmaceuticals Stock Skyrocketed 91% Today

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.