JMP downgrades Rigel to market perform

Rigel Pharmaceuticals, Inc. was downgraded by JMP Securities analyst Adam Cutler to market perform from market outperform after the company announced disappointing results of a randomized, double-blind, phase 2b study of R112 in allergic rhinitis. JMP said it believes Rigel will discontinue development of R112, the biggest value driver for the company. JMP said it believes the stock will likely drop between the $10 to $12 range. Shares of the South San Francisco company plunged $13.91, or 63.46%, at $8.01 on volume of 22,114,098 shares versus the three-month running average of 273,172 shares.

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