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UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Rigel Pharmaceuticals

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Soaring +11% In Pre-Market, Rigel Receives Buy Initiation Amid Fostamatinib Phase 3 Optimism
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In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Rigel Pharmaceuticals (NASDAQ: RIGL), and raised its price target from $14.00 to $21.00.

Jefferies noted, “RIGL reported 3Q12 earnings. RIGL continues to expect OSKIRA-4 Phase 2b results for fostamatinib (R788) in rheumatoid arthritis by YE2012 and OSKIRA-1-3 results in 1H13. We continue to believe in long-term upside for RIGL shares given the potential for fostamatinib and are increasing our estimates for the higher-than expected Xeljanz (oral competitor) pricing.”

Rigel Pharmaceuticals closed on Tuesday at $8.76.

Latest Ratings for RIGL

DateFirmActionFromTo
Jul 2016H.C. WainwrightInitiates Coverage onBuy
Jun 2016Piper JaffrayInitiates Coverage onOverweight
May 2016JefferiesMaintainsBuy

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