Rigel Pharmaceuticals (RIGL) Upgraded to “Buy” by Zacks Investment Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $3.25 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.46% from the stock’s current price.

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. “

Other analysts have also issued reports about the stock. ValuEngine raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, August 28th. Citigroup initiated coverage on shares of Rigel Pharmaceuticals in a research report on Monday, August 27th. They set a “buy” rating and a $8.50 price target for the company. HC Wainwright set a $8.00 price target on shares of Rigel Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, October 11th. Cantor Fitzgerald reissued a “buy” rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 3rd. Finally, BidaskClub raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $7.59.

RIGL stock opened at $2.89 on Wednesday. The stock has a market cap of $504.32 million, a price-to-earnings ratio of -4.66 and a beta of 1.25. Rigel Pharmaceuticals has a one year low of $2.56 and a one year high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. As a group, equities research analysts predict that Rigel Pharmaceuticals will post -0.64 EPS for the current year.

In related news, EVP Eldon C. Mayer III acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The stock was purchased at an average cost of $2.82 per share, with a total value of $282,000.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Raul R. Rodriguez acquired 114,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The stock was bought at an average cost of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 314,000 shares of company stock valued at $907,820 and sold 179,500 shares valued at $624,615. Company insiders own 5.38% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new position in shares of Rigel Pharmaceuticals in the 2nd quarter valued at approximately $139,000. Canada Pension Plan Investment Board purchased a new position in shares of Rigel Pharmaceuticals in the 2nd quarter valued at approximately $142,000. New Jersey Better Educational Savings Trust purchased a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $193,000. Cubist Systematic Strategies LLC raised its position in shares of Rigel Pharmaceuticals by 199.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock valued at $171,000 after purchasing an additional 40,366 shares during the last quarter. Finally, Lido Advisors LLC raised its position in shares of Rigel Pharmaceuticals by 45.8% in the 2nd quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock valued at $228,000 after purchasing an additional 25,331 shares during the last quarter. 94.35% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

Featured Article: Conference Calls and Individual Investors

Get a free copy of the Zacks research report on Rigel Pharmaceuticals (RIGL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

Receive News & Ratings for Rigel Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply