Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. They currently have $3.00 target price 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. “

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald reaffirmed a buy rating and issued a $15.00 price target on shares of Foamix Pharmaceuticals in a research note on Tuesday, May 7th. BidaskClub raised shares of Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $6.70.

Shares of RIGL opened at $2.52 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 5.29 and a current ratio of 5.33. Rigel Pharmaceuticals has a twelve month low of $1.96 and a twelve month high of $3.65. The firm has a 50 day moving average of $2.28. The company has a market capitalization of $421.33 million, a price-to-earnings ratio of -5.73 and a beta of 1.26.

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

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno acquired 50,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were acquired at an average price of $2.13 per share, with a total value 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 document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 4.96% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale increased its holdings in Rigel Pharmaceuticals by 22.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 62,500 shares of the biotechnology company’s stock worth $207,000 after buying an additional 11,500 shares during the last quarter. HRT Financial LLC acquired a new position in Rigel Pharmaceuticals during the fourth quarter worth $28,000. Amalgamated Bank increased its holdings in Rigel Pharmaceuticals by 128.4% during the fourth quarter. Amalgamated Bank now owns 24,692 shares of the biotechnology company’s stock worth $57,000 after buying an additional 13,883 shares during the last quarter. Weiss Multi Strategy Advisers LLC increased its holdings in Rigel Pharmaceuticals by 3.0% during the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 510,000 shares of the biotechnology company’s stock worth $1,173,000 after buying an additional 15,000 shares during the last quarter. Finally, Lido Advisors LLC increased its holdings in Rigel Pharmaceuticals by 14.6% during the first quarter. Lido Advisors LLC now owns 129,671 shares of the biotechnology company’s stock worth $333,000 after buying an additional 16,548 shares during the last quarter. 93.04% of the stock is currently owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

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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