JMP reiterates Rigel's market outperform rating

Rigel Pharmaceuticals, Inc. was reiterated by JMP Securities LLC analyst Adam Cutler at a market outperform rating with a raised price target of $27 from $25 on news that the company signed a licensing agreement that grants Serono an exclusive worldwide (excluding Japan) license to develop and commercialize product candidates from Rigel's Aurora kinase inhibitor program to treat cancer. Rigel will receive $25 million upfront and could receive up to $160 million in development- and sales-based milestone payments and royalties. Rigel's R112 candidate for allergies still is an important driver. Shares of the South San Francisco, Calif.-based pharmaceutical company were up $0.27, or 1.17%, at $23.31 on volume of 250,055 shares versus the three-month running average of 196,837 shares.

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