Zacks Investment Research upgraded shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) from a hold rating to a buy rating in a research note issued to investors on Saturday. The firm currently has $4.25 price target 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. “
Several other brokerages have also recently issued reports on RIGL. HC Wainwright restated a buy rating and issued a $7.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, November 6th. BMO Capital Markets reiterated a buy rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a report on Monday, October 2nd. BidaskClub cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a report on Friday, July 28th. ValuEngine cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a report on Wednesday, September 6th. Finally, Jefferies Group LLC reiterated a buy rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $5.31.
Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) opened at $3.74 on Friday. Rigel Pharmaceuticals has a twelve month low of $1.94 and a twelve month high of $4.33.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The company had revenue of $0.90 million during the quarter. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. The firm’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.24) earnings per share. sell-side analysts expect that Rigel Pharmaceuticals will post -0.58 EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This news story was first posted by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this news story on another domain, it was illegally stolen and reposted in violation of US and international copyright and trademark legislation. The correct version of this news story can be accessed at https://sportsperspectives.com/2017/11/15/rigel-pharmaceuticals-inc-rigl-upgraded-by-zacks-investment-research-to-buy.html.
In other news, CFO Ryan D. Maynard sold 100,000 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $3.90, for a total transaction of $390,000.00. Following the completion of the transaction, the chief financial officer now directly owns 100,000 shares in the company, valued at approximately $390,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.21% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC grew its holdings in shares of Rigel Pharmaceuticals by 11.3% during the 1st quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock worth $102,000 after purchasing an additional 3,118 shares during the period. AXA purchased a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $122,000. Voya Investment Management LLC boosted its holdings in Rigel Pharmaceuticals by 30.4% during the 2nd quarter. Voya Investment Management LLC now owns 53,661 shares of the biotechnology company’s stock valued at $146,000 after acquiring an additional 12,500 shares during the period. SG Americas Securities LLC boosted its holdings in Rigel Pharmaceuticals by 415.2% during the 3rd quarter. SG Americas Securities LLC now owns 59,401 shares of the biotechnology company’s stock valued at $151,000 after acquiring an additional 47,872 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $193,000. Institutional investors and hedge funds own 75.42% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Rigel Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.