JPMorgan analyst Anupam Rama called the positive, statistically significant fostamatinib Phase 3 study data "closer to a 'grind it out win' than a 'home run'" for the company, but still thinks the lack of a placebo response de-risks the second trial and is encouraged by the early indicators of activity in responders. Rama expects Rigel shares could rise by 60%-90% in today's trading following the data, bringing the stock closer to the firm base case scenario. Rama has an Overweight rating and $5 price target on Rigel shares, which are up about 10% to $2.92 in early pre-market trading.