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UPDATE: Jefferies Cuts PT to $15 on Rigel Pharmaceuticals on Disappointing Fostamatinib Results

Related RIGL
Rigel Granted Orphan Drug Designation for Fostamatinib in ITP
Earnings Scheduled For March 3, 2015

Jefferies reiterated its Buy rating on Rigel Pharmaceuticals (NASDAQ: RIGL) but lowered its price target from $21 to $15.

Jefferies noted, "RIGL announced OSKIRA-4 results in which fostamatinib monotherapy failed to show non-inferiority to Humira. In a separate analysis, higher dose regimens of fostamatinib showed superiority against placebo. With $3 in year-end cash and $2 in cash approval milestones if fostamatanib can be approved, we believe the selloff reflects an overly negative Street view on fostamatinib prospects and would be a buyer."

Rigel Pharmaceuticals closed at $8.43 on Wednesday.

Latest Ratings for RIGL

Mar 2014JefferiesMaintainsBuy
Jun 2013JefferiesMaintainsBuy
Jun 2013Piper JaffrayDowngradesOverweightNeutral

View More Analyst Ratings for RIGL
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Price Target Intraday Update Analyst Ratings


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