ValuEngine lowered shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) from a sell rating to a strong sell rating in a research note released on Wednesday.

A number of other research analysts have also recently issued reports on the company. BidaskClub cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research note on Friday, July 28th. Zacks Investment Research cut Rigel Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, May 10th. BMO Capital Markets reissued an outperform rating and issued a $5.00 target price (up from $4.00) on shares of Rigel Pharmaceuticals in a research note on Monday, June 19th. Finally, Jefferies Group LLC reissued a buy rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday. Three analysts have rated the stock with a sell rating and four have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $6.05.

Rigel Pharmaceuticals (RIGL) opened at 2.53 on Wednesday. Rigel Pharmaceuticals has a 52-week low of $1.94 and a 52-week high of $4.38. The firm’s market cap is $314.71 million. The company has a 50 day moving average price of $2.37 and a 200-day moving average price of $2.65.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, August 1st. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 105.86%. During the same period last year, the firm earned ($0.15) earnings per share. Equities research analysts anticipate that Rigel Pharmaceuticals will post ($0.60) EPS for the current year.

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A number of large investors have recently bought and sold shares of the business. FMR LLC grew its stake in Rigel Pharmaceuticals by 23.6% in the first quarter. FMR LLC now owns 18,335,735 shares of the biotechnology company’s stock valued at $60,691,000 after acquiring an additional 3,502,456 shares during the period. Wellington Management Group LLP grew its stake in Rigel Pharmaceuticals by 31.1% in the first quarter. Wellington Management Group LLP now owns 13,843,629 shares of the biotechnology company’s stock valued at $45,823,000 after acquiring an additional 3,282,390 shares during the period. Vanguard Group Inc. boosted its position in shares of Rigel Pharmaceuticals by 6.1% during the second quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after buying an additional 348,755 shares during the period. Palo Alto Investors LLC boosted its position in shares of Rigel Pharmaceuticals by 1.9% during the first quarter. Palo Alto Investors LLC now owns 4,254,623 shares of the biotechnology company’s stock worth $14,083,000 after buying an additional 78,000 shares during the period. Finally, State Street Corp boosted its position in shares of Rigel Pharmaceuticals by 4.3% during the second quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock worth $5,974,000 after buying an additional 90,640 shares during the period. 88.17% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

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