UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Rigel Pharmaceuticals Following Return of Fostamatinib Rights

In a report published Wednesday, Jefferies analyst Thomas Wei reiterated a Buy rating on

, but lowered the price target from $7.00 to $6.00. In the report, Jefferies noted, “AstraZeneca returned rights to fostamatinib to RIGL after evaluating efficacy data from the last two OSKIRA pivotal trials in rheumatoid arthritis (RA). Although this return is a setback for fostamatinib development, it provides a chance to maximize the value of fostamatinib as either a niche RA drug or a cancer drug, where it has shown promising activity.” Rigel Pharmaceuticals closed on Tuesday at $3.71.