Rigel Pharmaceuticals, Inc. (RIGL) Rating Lowered to Sell at Zacks Investment Research

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, August 5th.

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. “

Several other analysts also recently commented on RIGL. ValuEngine downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, July 28th. BMO Capital Markets reiterated an “outperform” rating and issued a $5.00 target price (up previously from $4.00) on shares of Rigel Pharmaceuticals in a report on Monday, June 19th. BidaskClub downgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, May 3rd. Three research analysts have rated the stock with a sell rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $6.05.

Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) traded down 0.45% during midday trading on Friday, reaching $2.20. 412,352 shares of the company’s stock traded hands. Rigel Pharmaceuticals has a 52-week low of $1.94 and a 52-week high of $4.38. The firm’s market cap is $273.66 million. The company has a 50 day moving average of $2.45 and a 200 day moving average of $2.64.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, August 1st. The biotechnology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative return on equity of 105.86% and a negative net margin of 354.14%. During the same quarter last year, the company posted ($0.15) EPS. On average, equities analysts predict that Rigel Pharmaceuticals will post ($0.60) EPS for the current fiscal year.

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A number of hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC increased its stake in Rigel Pharmaceuticals by 11.3% in the first quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock worth $102,000 after buying an additional 3,118 shares during the period. AXA bought a new stake in Rigel Pharmaceuticals during the second quarter worth about $122,000. Voya Investment Management LLC increased its stake in Rigel Pharmaceuticals by 30.4% in the second quarter. Voya Investment Management LLC now owns 53,661 shares of the biotechnology company’s stock worth $146,000 after buying an additional 12,500 shares during the period. Engineers Gate Manager LP bought a new stake in Rigel Pharmaceuticals during the second quarter worth about $193,000. Finally, State of Wisconsin Investment Board bought a new stake in Rigel Pharmaceuticals during the second quarter worth about $232,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

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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