Rigel Pharmaceuticals, Inc. (RIGL) Message Board

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Biotech / Medical : Rigel Pharmaceuticals, Inc. (RIGL)

RIGL 35.20

-2.6%

Nov 7 9:30 AM EST

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To: Mike McFarland who wrote (87)	1/7/2003 9:58:17 PM
From: JMarcus	Read Replies (1) of 566

The 52-week low of $1.01 was reached on Dec. 23rd, but the close hadn't gone below $1.05 before today, when we bottomed at $1.02. The stock opened on the uptick upon this morning's press release that RIGL had received its "first milestone payment [amount not disclosed] from Daiichi Pharmaceuticals Co., Ltd, in conjunction with the companies' partnership to develop a new type of oncology drug." This was the first press release since Nov. 4, when the stock price was 50% higher than today. It smells to me like the weak hands jumped to sell on the news, any news. There had been some expectation that the company would file its first IND before the end of 2002. Missing that milestone may have added to the pessimism of some. I thought the stock had bottomed at $1.30 and took a small position then. I was feeling heartened by the published statement of my friend, Ron Garren (himself one of the founders and still a holder of many shares, but no longer actively involved with the company), on Sept 18th that he thought RIGL's "stock is absurdly cheap at $1.94." Boy, it sure is hard to catch a falling knife. Marc

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