In a report published Wednesday, Jefferies analyst Thomas Wei reiterated a Buy rating on Rigel Pharmaceuticals RIGL, 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.
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