Needham cut its rating on Rigel Pharmaceuticals (RIGL

) to hold from buy, explaining that the company's new allergy drug R112 failed to differ from placebos in clinical trials.

Analyst Mark Monane expects more information in a news conference today (at 4:30 pm Eastern Standard Time), as well as an update of the company's pending initiatives. He expects Rigel to halt its development of R112, but he continues to see the company developing potentially viable allergy drugs.