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UPDATE: Piper Jaffray Cuts PT to $8 on Rigel Pharmaceuticals Following Disappointing Phase II Results

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Piper Jaffray reiterated its Overweight rating on Rigel Pharmaceuticals (NASDAQ: RIGL) and increased its price target from $14 to $8.

Piper Jaffray commented, "We are maintaining our Overweight rating but cutting our price target to $8 from $14 following disappointing results from the OSKIRA-4 Phase II trial. In particular, fostamatinib's inability to achieve non-inferiority to Abbott's Humira could have negative commercial implications. As a result, we have reduced our fostamatinib revenue estimates."

Rigel Pharmaceuticals closed at $5.90 on Wednesday.

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