Rigel Pharma (RIGL): Restructuring A Positive - Jefferies
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Jefferies analyst, Eun Yang, reiterated her Buy rating on shares of Rigel Pharmaceuticals (NASDAQ: RIGL) and raised the price target to $9 from $8.50 after the company announced a cost restructuring to prioritize fostamatinib commercialization. There are no changes planned for the development plans of IRAK inhibitor R191 however.
Yesterday, RIGL announced a ~38% workforce reduction (46 positions), largely in research, which is expected to complete by 12/15/16. RIGL expects the reduction to yield ~$17M-$20M in cost savings annually following a one-time $5.7M severance charge in 3Q16. The company will retain a smaller research organization to continue active programs (e.g., fosta in IgAN & AIHA, R191). RIGL also announced retirement of co-founder/EVP & president of discovery and research Donald Payan, and appointment of Eldon Mayer as EVP & CCO. Mr. Mayer previously held commercial roles at Questcor Pharmaceuticals, Connetics Corporation, Chiron Corpoartion, Alza Corporation & Schering-Plough.
Shares of Rigel Pharmaceuticals closed at $3.45 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Titan Int'l (TWI) Promotes Paul Reitz to Chief Executive Officer
- Jefferies Adjusts Estimates on Ciena (CIEN) - PT to $29
- Baidu.com (BIDU): Newsfeed Update, No PT Change Yet - Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Management Changes, Management Comments
Related EntitiesJefferies & Co, Layoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!