RIGL - took my chips off the table today
I decided to close out my position in RIGL today ahead of the TASKi3 results, which will likely be out later this week. I bought the stock in December 08 and in January 09 at average cost of about $8 share and was able to close out the entire position today above $14.
I don't see the stock soaring after the TASKi3 results, even if positive, since it didn't after the TASKi2 results. I think it's going to take a partnership for R788 to get the stock moving to any material degree, but, even then, the market cap is already above $500 million now. Also, I think there's potential for downside in the share price if the previously disclosed patient who was hospitalized for high blood pressure in the TASKi3 trial was in fact an R788 patient.
I'll consider getting back in RIGL if the stock drops to any material degree as I still like the company, just not the stock at this valuation in front of a binary event.
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