Rigel Pharmaceuticals (RIGL) Now Covered by Cantor Fitzgerald
Equities research analysts at Cantor Fitzgerald started coverage on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a report issued on Thursday. The brokerage set an “overweight” rating and a $6.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 68.54% from the stock’s previous close.
The analysts wrote, “Commercial in 2018. Fostamatinib has a PDUFA date of April 17, 2018 for its application in ITP. With over 5,000 patient-years of treatment experience and a robust Phase 3 clinical package, we anticipate a positive decision in April. Rigel has begun pre-commercial activities for a potential launch and outlined its plans for a full commercial team of 50-60 individuals. Based on the mixed efficacy of currently available treatments, fragmentation of the therapeutic landscape, and concentration of prescribing physicians (3,000 hematologists and hematologist- oncologists), we believe Rigel will be successful at commercializing the drug.””
Several other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a report on Saturday, November 11th. ValuEngine cut Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 6th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, November 6th. Jefferies Group restated a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, September 5th. Finally, BMO Capital Markets restated a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, October 2nd. Two research analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $5.45.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. The company had revenue of $0.90 million during the quarter. During the same quarter last year, the firm posted ($0.24) earnings per share. Rigel Pharmaceuticals’s quarterly revenue was down 76.1% on a year-over-year basis. equities analysts expect that Rigel Pharmaceuticals will post -0.56 EPS for the current fiscal year.
In other Rigel Pharmaceuticals news, CFO Ryan D. Maynard sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $3.90, for a total value of $390,000.00. Following the sale, the chief financial officer now owns 100,000 shares of the company’s stock, valued at $390,000. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in RIGL. AXA purchased a new stake in shares of Rigel Pharmaceuticals during the second quarter worth $122,000. Voya Investment Management LLC increased its position in shares of 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 acquiring an additional 12,500 shares during the period. SG Americas Securities LLC increased its position in shares of Rigel Pharmaceuticals by 415.2% during the third quarter. SG Americas Securities LLC now owns 59,401 shares of the biotechnology company’s stock worth $151,000 after acquiring an additional 47,872 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Rigel Pharmaceuticals during the second quarter worth $193,000. Finally, State of Wisconsin Investment Board purchased a new stake in shares of Rigel Pharmaceuticals during the second quarter worth $232,000. 74.51% of the stock is currently owned by 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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