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

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.

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