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TRADE ALERT- Rigel Pharmaceuticals PT Lowered on Today’s Negative News (RIGL)

Zemanta Related Posts ThumbnailOn Monday, Lerrink lowered its price target on Rigel Pharmaceuticals (NASDAQ: RIGL) from $7 to $5 after it announced that Phase II trials of an experimental drug failed to meet its primary endpoints. (Read our full coverage of the story here.)

Although Lerrink lowered its price target, it still maintains its “Outperform” rating on the stock.

R343 was being developed for the treatment of allergic asthma. The primary endpoint, or goal, was a change in a measure of lung function known as pre-bronchodilator FEV1. Simply put, by week 8, patients taking the drug needed to show better respiratory function than those on placebo. That didn’t happen.

[stock-tools exchange="NASDAQ" symbol="RIGL" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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