UPDATE: Jefferies Cuts PT to $15 on Rigel Pharmaceuticals on Disappointing Fostamatinib Results

Jefferies reiterated its Buy rating on Rigel Pharmaceuticals

but lowered its price target from $21 to $15. Jefferies noted, "RIGL announced OSKIRA-4 results in which fostamatinib monotherapy failed to show non-inferiority to Humira. In a separate analysis, higher dose regimens of fostamatinib showed superiority against placebo. With $3 in year-end cash and $2 in cash approval milestones if fostamatanib can be approved, we believe the selloff reflects an overly negative Street view on fostamatinib prospects and would be a buyer." Rigel Pharmaceuticals closed at $8.43 on Wednesday.