Zacks Investment Research Lowers Rigel Pharmaceuticals (NASDAQ:RIGL) to Hold

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Zacks Investment Research lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

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. “

RIGL has been the subject of a number of other research reports. BidaskClub upgraded Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Cantor Fitzgerald restated a buy rating and issued a $15.00 price target on shares of Foamix Pharmaceuticals in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Rigel Pharmaceuticals currently has an average rating of Buy and an average price target of $6.70.

Rigel Pharmaceuticals stock opened at $2.52 on Wednesday. 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 has a one year low of $1.96 and a one year high of $3.65. The firm’s fifty day moving average price is $2.28.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $12.62 million during the quarter, compared to analysts’ expectations of $12.00 million. Rigel Pharmaceuticals had a negative return on equity of 58.94% and a negative net margin of 111.48%. During the same quarter in the prior year, the business earned ($0.17) earnings per share. As a group, research analysts anticipate that Rigel Pharmaceuticals will post -0.33 earnings per share for the current year.

In related news, CFO Dean L. Schorno purchased 50,000 shares of Rigel Pharmaceuticals stock in a transaction on Wednesday, May 22nd. The stock was acquired at an average price of $2.13 per share, for a total transaction of $106,500.00. Following the completion of the transaction, the chief financial officer now directly owns 46,726 shares in the company, valued at approximately $99,526.38. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.96% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pura Vida Investments LLC boosted its stake in shares of Rigel Pharmaceuticals by 9.8% in the fourth quarter. Pura Vida Investments LLC now owns 332,056 shares of the biotechnology company’s stock worth $764,000 after acquiring an additional 29,567 shares during the period. Rhumbline Advisers boosted its stake in shares of Rigel Pharmaceuticals by 48.8% in the fourth quarter. Rhumbline Advisers now owns 218,130 shares of the biotechnology company’s stock worth $502,000 after acquiring an additional 71,490 shares during the period. BlackRock Inc. boosted its stake in Rigel Pharmaceuticals by 0.7% during the fourth quarter. BlackRock Inc. now owns 13,724,460 shares of the biotechnology company’s stock valued at $31,567,000 after buying an additional 89,356 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Rigel Pharmaceuticals by 3.5% during the fourth quarter. Bank of New York Mellon Corp now owns 715,482 shares of the biotechnology company’s stock valued at $1,646,000 after buying an additional 24,436 shares during the last quarter. Finally, Worth Venture Partners LLC boosted its stake in Rigel Pharmaceuticals by 774.0% during the fourth quarter. Worth Venture Partners LLC now owns 87,400 shares of the biotechnology company’s stock valued at $200,000 after buying an additional 77,400 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

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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