Leerink Swann Reiterates Outperform On Rigel Pharma As Shares Plunge 12+% On Missed R343 Trial Endpoints

Shares of Rigel Pharma

have traded down around 12-13 percent throughout Monday morning's trading session following some

. Rigel shares have bounced sharply from the pre-market low under $2.50. Analyst Marko Kozul at Leerink Swann, a firm which specializes in the Pharma group, said he was surprised by the failure of the R343 trial to miss the primary and secondary endpoints. Although the analyst was caught off guard, he cited low expectations for the remaining three catalysts over the near term for his reiterated Outperform rating. Kozul adjusted his price target on Rigel Pharma lower from $7 previously to $5. With Rigel shares down to around $3.18 at last check, Kozul's new, lowered price target still represents potential upside of nearly 60 percent.