Jefferies reiterated its Buy rating on Rigel Pharmaceuticals 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in