Zacks Investment Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a report released on Friday, Zacks.com reports. They currently have $3.00 target price on the biotechnology company’s stock.
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 commented on RIGL. BidaskClub raised shares of Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Cantor Fitzgerald reaffirmed a buy rating and set a $15.00 price objective on shares of Foamix Pharmaceuticals in a research report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $6.70.
Shares of RIGL opened at $2.51 on Friday. The company’s 50 day moving average is $2.31. Rigel Pharmaceuticals has a 52 week low of $1.96 and a 52 week high of $3.65. The stock has a market capitalization of $421.32 million, a P/E ratio of -5.70 and a beta of 1.26. The company has a debt-to-equity ratio of 0.26, a current ratio of 5.33 and a quick ratio of 5.29.
Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.02. Rigel Pharmaceuticals had a negative net margin of 111.48% and a negative return on equity of 58.94%. The firm had revenue of $12.62 million for the quarter, compared to the consensus estimate of $12.00 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. As a group, equities analysts predict that Rigel Pharmaceuticals will post -0.33 earnings per share for the current year.
In related news, CFO Dean L. Schorno acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were purchased at an average cost of $2.13 per share, with a total value of $106,500.00. Following the completion of the transaction, the chief financial officer now owns 46,726 shares of the company’s stock, valued at approximately $99,526.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.96% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. HRT Financial LLC bought a new stake in Rigel Pharmaceuticals in the fourth quarter worth approximately $28,000. Quantitative Systematic Strategies LLC bought a new stake in Rigel Pharmaceuticals in the first quarter worth approximately $45,000. SG Americas Securities LLC bought a new stake in Rigel Pharmaceuticals in the first quarter worth approximately $55,000. Amalgamated Bank grew its position in Rigel Pharmaceuticals by 128.4% in the fourth quarter. Amalgamated Bank now owns 24,692 shares of the biotechnology company’s stock worth $57,000 after acquiring an additional 13,883 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in Rigel Pharmaceuticals in the first quarter worth approximately $89,000. 93.04% of the stock is 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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.
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