Rigel Pharmaceuticals (RIGL) Stock Rating Upgraded by Zacks Investment Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $3.25 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 18.18% from the stock’s previous close.

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 equities analysts also recently weighed in on the stock. Cantor Fitzgerald reissued a “buy” rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 8th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $7.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 4th. Citigroup started coverage on shares of Rigel Pharmaceuticals in a research note on Monday, August 27th. They set a “buy” rating and a $8.50 target price for the company. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Rigel Pharmaceuticals in a research note on Thursday, August 9th. Finally, BidaskClub downgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 16th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $7.59.

Shares of NASDAQ RIGL opened at $2.75 on Wednesday. Rigel Pharmaceuticals has a twelve month low of $2.56 and a twelve month high of $4.71. The firm has a market cap of $448.26 million, a P/E ratio of -4.44 and a beta of 1.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $4.87 million for the quarter, compared to the consensus estimate of $3.52 million. On average, analysts expect that Rigel Pharmaceuticals will post -0.45 EPS for the current fiscal year.

In other news, EVP Anne-Marie Duliege sold 16,500 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $3.51, for a total transaction of $57,915.00. Following the completion of the sale, the executive vice president now directly owns 16,500 shares of the company’s stock, valued at $57,915. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nelson Cabatuan sold 10,000 shares of the business’s stock in a transaction dated Friday, October 12th. The stock was sold at an average price of $3.12, for a total transaction of $31,200.00. Following the sale, the insider now directly owns 58 shares of the company’s stock, valued at $180.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,500 shares of company stock valued at $624,615. Insiders own 5.38% of the company’s stock.

Several large investors have recently bought and sold shares of the company. FMR LLC increased its position in shares of Rigel Pharmaceuticals by 1.8% during the third quarter. FMR LLC now owns 24,966,516 shares of the biotechnology company’s stock worth $80,143,000 after acquiring an additional 429,472 shares in the last quarter. BlackRock Inc. boosted its holdings in Rigel Pharmaceuticals by 1.8% during the third quarter. BlackRock Inc. now owns 13,635,104 shares of the biotechnology company’s stock worth $43,767,000 after purchasing an additional 242,737 shares during the last quarter. Sofinnova Ventures Inc boosted its holdings in Rigel Pharmaceuticals by 43.5% during the third quarter. Sofinnova Ventures Inc now owns 3,260,931 shares of the biotechnology company’s stock worth $10,467,000 after purchasing an additional 988,204 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in Rigel Pharmaceuticals by 44.5% during the third quarter. Candriam Luxembourg S.C.A. now owns 2,268,000 shares of the biotechnology company’s stock worth $7,280,000 after purchasing an additional 698,000 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Rigel Pharmaceuticals by 12.4% during the second quarter. Northern Trust Corp now owns 1,996,369 shares of the biotechnology company’s stock worth $5,650,000 after purchasing an additional 219,926 shares during the last quarter. 94.38% 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 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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