Rigel Pharmaceuticals, Inc. (RIGL) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) from a sell rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Rigel Pharmaceuticals, Inc. is a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases, cancer and viral diseases. Its goal is to file one new investigative new drug application in a significant indication each year. The Company’s pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel’s productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market our product candidates. We have product development programs in inflammatory/autoimmune diseases such as rheumatoid arthritis, thrombocytopenia, and asthma and allergy, as well as in cancer. “
A number of other analysts also recently commented on RIGL. ValuEngine downgraded shares of Rigel Pharmaceuticals from a sell rating to a strong sell rating in a report on Wednesday, September 6th. Jefferies Group LLC reissued a buy rating and set a $5.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, September 5th. BidaskClub downgraded shares of Rigel Pharmaceuticals from a sell rating to a strong sell rating in a report on Friday, July 28th. Finally, BMO Capital Markets reissued an outperform rating and set a $5.00 price objective (up previously from $4.00) on shares of Rigel Pharmaceuticals in a report on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Rigel Pharmaceuticals currently has a consensus rating of Hold and an average target price of $6.05.
Rigel Pharmaceuticals (NASDAQ:RIGL) opened at 2.37 on Wednesday. Rigel Pharmaceuticals has a 12-month low of $1.94 and a 12-month high of $4.38. The stock’s market capitalization is $294.81 million. The stock 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 issued its earnings results on Tuesday, August 1st. The biotechnology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 quarter in the previous year, the company posted ($0.15) earnings per share. On average, equities analysts anticipate that Rigel Pharmaceuticals will post ($0.60) earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in RIGL. Parametric Portfolio Associates LLC boosted its holdings in Rigel Pharmaceuticals by 11.3% during the first quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock worth $102,000 after buying an additional 3,118 shares in the last quarter. AXA purchased a new stake in Rigel Pharmaceuticals during the second quarter worth about $122,000. Voya Investment Management LLC boosted its holdings in Rigel Pharmaceuticals by 30.4% during the second quarter. Voya Investment Management LLC now owns 53,661 shares of the biotechnology company’s stock worth $146,000 after buying an additional 12,500 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in Rigel Pharmaceuticals during the second quarter worth about $193,000. Finally, State of Wisconsin Investment Board purchased a new stake in Rigel Pharmaceuticals during the second quarter worth about $232,000. 88.17% of the stock is currently owned by hedge funds and other institutional investors.
About Rigel Pharmaceuticals
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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