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Fly News Breaks for October 20, 2016
RIGL
Oct 20, 2016 | 09:07 EDT
With the stock down nearly 35% in pre-market trading, Piper Jaffray analyst Joshua Schimmer believes the risk/reward on shares of Rigel Pharmaceuticals remains favorable. The company on the conference call did an "excellent job" explaining the failed second Phase III results for fostamatinib in immune thrombocytopenic, Schimmer tells investors in a research note. He believes the drug has a "clear therapeutic benefit" and reiterates an Overweight rating on the stock with an $11 price target.
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