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

Zacks Investment Research lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a hold rating in a report issued on Wednesday morning, 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. “

Other research analysts also recently issued reports about the company. BidaskClub upgraded Zai Lab from a buy rating to a strong-buy rating in a report on Friday, June 28th. Cantor Fitzgerald restated a buy rating and set a $15.00 price objective on shares of Foamix Pharmaceuticals in a report on Tuesday, May 7th. One equities research 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. Rigel Pharmaceuticals currently has a consensus rating of Buy and a consensus target price of $6.70.

RIGL opened at $2.52 on Wednesday. The business’s fifty day moving average price is $2.28. Rigel Pharmaceuticals has a 52 week low of $1.96 and a 52 week high of $3.65. The company has a current ratio of 5.33, a quick ratio of 5.29 and a debt-to-equity ratio of 0.26.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $12.62 million for the quarter, compared to the consensus estimate 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 period last year, the business posted ($0.17) EPS. On average, equities research analysts forecast that Rigel Pharmaceuticals will post -0.33 EPS for the current fiscal year.

In other news, CFO Dean L. Schorno acquired 50,000 shares of Rigel Pharmaceuticals stock in a transaction on Wednesday, May 22nd. The shares were bought at an average cost of $2.13 per share, for a total transaction of $106,500.00. Following the acquisition, the chief financial officer now directly owns 46,726 shares of the company’s stock, valued at approximately $99,526.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.96% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its position in Rigel Pharmaceuticals by 0.3% during the 1st quarter. FMR LLC now owns 25,075,725 shares of the biotechnology company’s stock valued at $64,445,000 after acquiring an additional 79,717 shares in the last quarter. BlackRock Inc. boosted its position in shares of Rigel Pharmaceuticals by 0.7% in the 4th quarter. BlackRock Inc. now owns 13,724,460 shares of the biotechnology company’s stock worth $31,567,000 after purchasing an additional 89,356 shares in the last quarter. Sofinnova Investments Inc. boosted its position in shares of Rigel Pharmaceuticals by 3.7% in the 4th quarter. Sofinnova Investments Inc. now owns 3,382,174 shares of the biotechnology company’s stock worth $7,778,000 after purchasing an additional 121,243 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its position in shares of Rigel Pharmaceuticals by 9.3% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 2,478,000 shares of the biotechnology company’s stock worth $5,699,000 after purchasing an additional 210,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Rigel Pharmaceuticals by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,929,188 shares of the biotechnology company’s stock worth $4,437,000 after purchasing an additional 279,416 shares in 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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