UPDATE: Piper Jaffray Cuts PT to $8 on Rigel Pharmaceuticals Following Disappointing Phase II Results
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.
Latest Ratings for RIGL
|Aug 2016||BMO Capital||Initiates Coverage on||Outperform|
|Jul 2016||H.C. Wainwright||Initiates Coverage on||Buy|
|Jun 2016||Piper Jaffray||Initiates Coverage on||Overweight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.