Why Rigel Pharmaceuticals Shares Are Falling Today

Rigel Pharmaceuticals, Inc. RIGL shares are trading lower after the company announced data from the FORWARD Phase 3 clinical trial of Fostamatinib did not demonstrate statistical significance in the primary efficacy endpoint.

Fostamatinib is currently being evaluated in a Phase 3 randomized, double-blind, placebo-controlled clinical study in 90 patients with wAIHA who have failed at least one prior treatment.

Warm antibody AIHA (wAIHA), which is the most common form of AIHA, is characterized by the presence of antibodies that react with the red blood cell surface at body temperature.

"While we are disappointed in the overall results, which were impacted by a large placebo response rate from Eastern European clinical sites, we are encouraged by the top-line results from the U.S., Canada, Australia, and Western Europe. We continue to believe fostamatinib has the potential to benefit patients with wAIHA, a population with a serious unmet medical need," said Raul Rodriguez, President and Chief Executive Officer of Rigel Pharmaceuticals.

Cantor Fitzgerald analyst Kristen Kluska also downgraded the stock from Overweight to Neutral.

Rigel Pharmaceuticals Inc develops small-molecule drugs for autoimmune, cancer-related, and viral diseases.
 

RIGL Price Action: Rigel Pharmaceuticals has traded as high as 4.62 and as low as 0.8601 over a 52 week period.

The stock was trading about 47% lower at 0.93 per share at the time of publication.

Posted In: why it's movingBiotechNewsPenny StocksMoversTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.