Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares are trading lower after the company announced data from the FORWARD Phase 3 clinical trial of Fostamatinib did not demonstrate statistical significance in the primary efficacy endpoint.
Fostamatinib is currently being evaluated in a Phase 3 randomized, double-blind, placebo-controlled clinical study in 90 patients with wAIHA who have failed at least one prior treatment.
Warm antibody AIHA (wAIHA), which is the most common form of AIHA, is characterized by the presence of antibodies that react with the red blood cell surface at body temperature.
"While we are disappointed in the overall results, which were impacted by a large placebo response rate from Eastern European clinical sites, we are encouraged by the top-line results from the U.S., Canada, Australia, and Western Europe. We continue to believe fostamatinib has the potential to benefit patients with wAIHA, a population with a serious unmet medical need," said Raul Rodriguez, President and Chief Executive Officer of Rigel Pharmaceuticals.
Cantor Fitzgerald analyst Kristen Kluska also downgraded the stock from Overweight to Neutral.
Rigel Pharmaceuticals Inc develops small-molecule drugs for autoimmune, cancer-related, and viral diseases.
RIGL Price Action: Rigel Pharmaceuticals has traded as high as 4.62 and as low as 0.8601 over a 52 week period.
The stock was trading about 47% lower at 0.93 per share at the time of publication.
