UPDATE: Stifel Nicolaus Cuts PT to Rigel Pharmaceuticals on Model Changes Post Data

Stifel Nicolaus reiterated its Buy rating on Rigel Pharmaceuticals

but reduced its price target from $13 to $11. Stifel Nicolaus commented, "Rigel's development/collaboration partner AstraZeneca provided top-line results from the P2b OSKIRA-4 study evaluating fostamatinib vs. placebo vs. Humira. … We've lowered our peak sales estimates (now $1.5-1.7 billion) to reflect both increased competitive risk and a more-modest adoption curve amongst the majority of rheumatologists seemingly still prioritizing safety/experience over convenience (Pfizer's TNF-like pricing of tofacitinib likely won't help here either). We believe today's price-action implies too-steep of a risk-adjustment into P3 OSKIRA data and we remain Buy-rated." Rigel Pharmaceuticals closed at $5.51 on Thursday.