Rigel Pharmaceuticals price target lowered to $20 from $27 at B. Riley

B. Riley lowered the firm’s price target on Rigel Pharmaceuticals (RIGL) to $20 from $27 and keeps a Neutral rating on the shares after the company delivered updated data for R289 in lower-risk myelodysplastic syndrome. The firm says the lack of incremental eight-week responses reflects a weaker than expected efficacy signal, below its base-case scenario. While safety remains acceptable, the efficacy component reduces confidence at this stage, the analyst tells investors in a research note.