JMP reiterates Rigel at market perform

Rigel Pharmaceuticals, Inc. was reiterated at market perform by JMP Securities analyst Adam Cutler on news the company began three-month phase 2 trial of R788 in combination with methotrexate for rheumatoid arthritis (RA). Data from the trial is expected in the second half of 2007. An effective oral RA therapy would have a multi-billion dollar sales potential, according to the analyst. Later this year, Rigel plans to start development of R788 for immune thrombocytopenic perpura. Shares of the South San Francisco, Calif., pharmaceutical company were down 5 cents, or 0.47%, at $10.60. (Nasdaq: RIGL)

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