Jefferies Believes In A Long-Term Upside for RIGL

According to Jefferies, Rigel Pharmaceuticals RIGL was in line with their estimate for 1Q Earnings and believes in a long-term upside for RIGL. In the report, Jefferies said, "We continue to believe in the long-term upside for RIGL shares given the potential for new oral rheumatoid arthritis (RA) drugs like fostamatinib (R788). The company remains on track for a potential regulatory filing in the U.S. by mid-2013 to enable a launch in 2014." Rigel Pharmaceuticals closed at $8.51 yesterday.