Zacks Investment Research upgraded shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) from a sell rating to a hold rating in a report issued on Wednesday morning.

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 research firms have also commented on RIGL. ValuEngine upgraded Rigel Pharmaceuticals from a strong sell rating to a sell rating in a research note on Monday, October 2nd. BMO Capital Markets restated a buy rating and set a $5.00 price objective on shares of Rigel Pharmaceuticals in a research note on Monday, October 2nd. Jefferies Group LLC restated a buy rating and set a $5.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 5th. Finally, BidaskClub lowered Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $6.75.

Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) opened at 3.88 on Wednesday. The firm has a 50-day moving average price of $2.58 and a 200-day moving average price of $2.66. The company’s market capitalization is $482.64 million. Rigel Pharmaceuticals has a 12 month low of $1.94 and a 12 month high of $4.03.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 1st. The biotechnology company reported ($0.16) EPS for the quarter, missing the Zacks’ 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 period in the prior year, the business posted ($0.15) EPS. On average, equities research analysts predict that Rigel Pharmaceuticals will post ($0.60) EPS for the current year.

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Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace North America L.P. bought a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at $5,935,000. Candriam Luxembourg S.C.A. increased its stake in shares of Rigel Pharmaceuticals by 8.8% in the 2nd quarter. Candriam Luxembourg S.C.A. now owns 1,180,000 shares of the biotechnology company’s stock valued at $3,222,000 after purchasing an additional 95,000 shares during the last quarter. Palo Alto Investors LLC increased its stake in shares of Rigel Pharmaceuticals by 1.9% in the 1st quarter. Palo Alto Investors LLC now owns 4,254,623 shares of the biotechnology company’s stock valued at $14,083,000 after purchasing an additional 78,000 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Rigel Pharmaceuticals by 32.9% in the 1st quarter. Geode Capital Management LLC now owns 1,012,241 shares of the biotechnology company’s stock valued at $3,350,000 after purchasing an additional 250,569 shares during the last quarter. Finally, American International Group Inc. increased its stake in shares of Rigel Pharmaceuticals by 39.9% in the 1st quarter. American International Group Inc. now owns 74,900 shares of the biotechnology company’s stock valued at $248,000 after purchasing an additional 21,345 shares during the last quarter. Institutional investors own 88.17% 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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