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

Piper Jaffray reiterated its Overweight rating on Rigel Pharmaceuticals 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.