Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report 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. “
Other equities research analysts have also issued research reports about the stock. BidaskClub raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, February 8th. ValuEngine raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $7.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, March 6th. Finally, HC Wainwright set a $7.00 price target on shares of Rigel Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $5.71.
Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.05). During the same quarter in the previous year, the firm earned ($0.16) EPS. analysts predict that Rigel Pharmaceuticals will post -0.66 earnings per share for the current year.
Several large investors have recently made changes to their positions in the stock. Voya Investment Management LLC grew its stake in shares of 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. The Manufacturers Life Insurance Company grew its stake in shares of Rigel Pharmaceuticals by 13.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 115,304 shares of the biotechnology company’s stock valued at $447,000 after acquiring an additional 13,735 shares during the period. American International Group Inc. grew its stake in shares of Rigel Pharmaceuticals by 20.2% during the 4th quarter. American International Group Inc. now owns 99,640 shares of the biotechnology company’s stock valued at $387,000 after acquiring an additional 16,756 shares during the period. Mackenzie Financial Corp grew its stake in shares of Rigel Pharmaceuticals by 42.5% during the 4th quarter. Mackenzie Financial Corp now owns 64,062 shares of the biotechnology company’s stock valued at $249,000 after acquiring an additional 19,091 shares during the period. Finally, Two Sigma Advisers LP grew its stake in shares of Rigel Pharmaceuticals by 30.5% during the 4th quarter. Two Sigma Advisers LP now owns 102,791 shares of the biotechnology company’s stock valued at $399,000 after acquiring an additional 24,000 shares during the period. Institutional investors own 92.82% 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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