Rigel Pharmaceuticals (RIGL) Rating Lowered to Sell at ValuEngine

Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

A number of other equities analysts also recently issued reports on the company. Jefferies Group reissued a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 5th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Rigel Pharmaceuticals in a research note on Monday, November 6th. BMO Capital Markets reissued a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Monday, October 2nd. Zacks Investment Research raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, September 20th. Finally, Cantor Fitzgerald initiated coverage on Rigel Pharmaceuticals in a research note on Thursday. They set an “overweight” rating and a $6.00 target price for the company. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $5.45.

Shares of Rigel Pharmaceuticals (NASDAQ RIGL) opened at $3.56 on Friday. Rigel Pharmaceuticals has a one year low of $1.94 and a one year high of $4.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The firm 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 revenue was down 76.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.24) earnings per share. research analysts forecast that Rigel Pharmaceuticals will post -0.56 EPS for the current year.

In related news, CFO Ryan D. Maynard sold 100,000 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 100,000 shares of the company’s stock, valued at approximately $390,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.21% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Wells Fargo & Company MN grew its holdings in Rigel Pharmaceuticals by 116.9% during the 3rd quarter. Wells Fargo & Company MN now owns 414,745 shares of the biotechnology company’s stock valued at $1,053,000 after buying an additional 223,528 shares during the last quarter. Macquarie Group Ltd. grew its holdings in Rigel Pharmaceuticals by 15.6% during the 3rd quarter. Macquarie Group Ltd. now owns 734,088 shares of the biotechnology company’s stock valued at $1,865,000 after buying an additional 99,088 shares during the last quarter. SG Americas Securities LLC grew 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 buying an additional 47,872 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in shares of Rigel Pharmaceuticals by 7.2% during the third quarter. Candriam Luxembourg S.C.A. now owns 1,265,000 shares of the biotechnology company’s stock worth $3,213,000 after purchasing an additional 85,000 shares during the last quarter. Finally, Paulson & CO. Inc. boosted its holdings in shares of Rigel Pharmaceuticals by 20.4% during the second quarter. Paulson & CO. Inc. now owns 662,056 shares of the biotechnology company’s stock worth $1,807,000 after purchasing an additional 112,056 shares during the last quarter. Hedge funds and other institutional investors own 74.51% of the company’s stock.

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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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