Barclays Maintains an 'Overweight' on Rigel Pharmaceuticals (RIGL); Update from Management Meeting

Barclays maintains an 'Overweight' on Rigel Pharmaceuticals (NASDAQ: RIGL), PT $15.

Barclays analyst says, "We are maintaining our rating on RIGL following a meeting with management and ahead of several catalysts over the next 12 months. With phase 3 data for Fostamatinib in mid-12, management highlighted trial optimization factors that should support success, including restriction to single TNF failures and those expected to have higher CRP levels. Further TASKi open label ext. data is expected at ACR with focus on subset analysis, and we would highlight CCP positive patients as one group that may respond better to Syk inhibition. Nearer term we believe RIGL could regain rights to R343 in asthma from PFE with established phase 2 asthma data and with RIGL prepared to pursue proof of concept in chronic asthma itself."

For more ratings news on Rigel Pharmaceuticals click here and for the rating history of Rigel Pharmaceuticals click here.

Shares of Rigel Pharmaceuticals closed at $7.26 yesterday.

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