Jefferies Assumes Rigel Pharmaceuticals (RIGL) at Buy, $10 PT

Jefferies assumes coverage on Rigel Pharmaceuticals (NASDAQ: RIGL) with a Buy rating and a price target of $10.00, citing favorable risk/reward into fostamatinib Ph3 data.

Analyst Eun K. Yang commented, "Although RIGL has experienced a series of setbacks in the past, positive Ph2 data in relapsed chronic ITP offers optimism for fostamatinib Ph3 success. At current EV of <$200M, upside potential seems much greater than downside risks ahead of Ph3 data in 1Q16/2Q16. Additionally, clinical trial initiation in ~1Q16 from BMY's recent immune-oncology collaboration will provide potential upside. Estimated current cash of ~$150M sufficient into 1Q17 per RIGL."

For an analyst ratings summary and ratings history on Rigel Pharmaceuticals click here. For more ratings news on Rigel Pharmaceuticals click here.

Shares of Rigel Pharmaceuticals closed at $3.35 yesterday.

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