Market Overview

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

Share:
Related RIGL
10 Stocks With Lowest Close In Three Weeks
Mid-Afternoon Market Update: Crude Oil Down Over 2.5%; American Express Shares Gain On Earnings Beat
Aclaris launches early-stage study of ATI-50001 in hair loss disorder (Seeking Alpha)

Shares of Rigel Pharma (NASDAQ: RIGL) have traded down around 12-13 percent throughout Monday morning's trading session following some concerning data from a trial of its R343. 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.

Latest Ratings for RIGL

DateFirmActionFromTo
Sep 2016JefferiesMaintainsBuy
Aug 2016BMO CapitalMaintainsOutperform
Aug 2016BMO CapitalInitiates Coverage onOutperform

View More Analyst Ratings for RIGL
View the Latest Analyst Ratings

Posted-In: Analyst Color News Price Target Reiteration FDA Analyst Ratings Movers

 

Related Articles (RIGL)

View Comments and Join the Discussion!