White Mountain cuts Rigel to hold

Rigel Pharmaceuticals was downgraded by White Mountain Capital analyst Oren Levy to a hold rating after a clinical trial of R112 failed. White Mountain said the rating also reflects the company's lack of near-term milestones. But it has a quality management team and an ability to advance drug candidates, the analyst said. Shares of the South San Francisco, Calif., small-molecule drug discovery company were down 39 cents, or 4.87%, at $7.62 on volume of 6,776,585 shares versus the three-month running average of 620,623 shares.

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