Rigel Pharmaceuticals (RIGL) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a buy rating to a hold rating in a research note released on Saturday.

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 research analysts also recently issued reports on the stock. Cantor Fitzgerald reiterated a buy rating and issued a $9.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 8th. JPMorgan Chase & Co. restated an overweight rating and set a $7.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 4th. 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 objective for the company. HC Wainwright restated a buy rating and set a $8.00 price objective on shares of Rigel Pharmaceuticals in a research report on Thursday, August 9th. Finally, BidaskClub downgraded shares of Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research report on Thursday, August 16th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $7.59.

Shares of Rigel Pharmaceuticals stock opened at $2.68 on Friday. Rigel Pharmaceuticals has a 52-week low of $2.56 and a 52-week high of $4.71. The company has a market capitalization of $476.59 million, a P/E ratio of -4.32 and a beta of 1.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $4.87 million during the quarter, compared to analysts’ expectations of $3.52 million. As a group, equities research analysts forecast that Rigel Pharmaceuticals will post -0.42 EPS for the current fiscal year.

In other Rigel Pharmaceuticals news, EVP Anne-Marie Duliege sold 16,500 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $3.51, for a total value of $57,915.00. Following the transaction, the executive vice president now directly owns 16,500 shares of the company’s stock, valued at approximately $57,915. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Eldon C. Mayer III acquired 100,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was purchased at an average cost of $2.82 per share, for a total transaction of $282,000.00. The disclosure for this purchase can be found here. Insiders sold a total of 179,500 shares of company stock worth $624,615 over the last three months. 5.38% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in RIGL. Bank of Montreal Can acquired a new position in Rigel Pharmaceuticals in the 2nd quarter valued at $139,000. Canada Pension Plan Investment Board acquired a new position in Rigel Pharmaceuticals in the 2nd quarter valued at $142,000. BlueMountain Capital Management LLC acquired a new position in Rigel Pharmaceuticals in the 3rd quarter valued at $154,000. Cubist Systematic Strategies LLC increased its stake in 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 buying an additional 40,366 shares during the period. Finally, New Jersey Better Educational Savings Trust acquired a new position in Rigel Pharmaceuticals in the 3rd quarter valued at $193,000. 93.89% of the stock is currently owned by institutional investors.

About Rigel Pharmaceuticals

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.

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