UBS Starts Rigel Pharmaceuticals (RIGL) at Neutral

UBS initiates coverage on Rigel Pharmaceuticals (NASDAQ: RIGL) with a Neutral. PT $9.00.

The firm comments, "We believe fostamatinib, Rigel/AstraZeneca’s oral SyK-inhibitor for rheumatoid arthritis, can deliver efficacy in both methotrexate and biologic failure patients (similar to Pfizer’s oral JAK tofacitinib), but we want to see more data on safety, specifically infections, before getting more positive. We believe current long-term extension data demonstrate that the hypertension, fostamatinib's hallmark side-effect, is unlikely to create an imbalance in cardiac events in Phase III. Nonetheless, the cardiac profile also remains a risk for Phase III."

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 $8.32 yesterday.

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