Zacks Investment Research upgraded shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) from a hold rating to a buy rating in a research note published on Saturday. Zacks Investment Research currently has $4.25 price target 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 recently issued research reports about the company. Jefferies Group LLC reissued a buy rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 5th. HC Wainwright reissued a buy rating and issued a $7.00 target price on shares of Rigel Pharmaceuticals in a research note on Monday, November 6th. BMO Capital Markets reissued a buy rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a research note on Monday, October 2nd. ValuEngine raised Rigel Pharmaceuticals from a strong sell rating to a sell rating in a research note on Monday, October 2nd. Finally, BidaskClub cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Rigel Pharmaceuticals currently has a consensus rating of Hold and a consensus target price of $5.31.

Shares of Rigel Pharmaceuticals (NASDAQ RIGL) opened at $3.72 on Friday. Rigel Pharmaceuticals has a 12-month low of $1.94 and a 12-month high of $4.33.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.01. The company had revenue of $0.90 million for the quarter. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. The company’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.24) EPS. analysts predict that Rigel Pharmaceuticals will post -0.58 EPS for the current fiscal year.

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In other news, CFO Ryan D. Maynard sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $3.90, for a total transaction of $390,000.00. Following the transaction, the chief financial officer now directly owns 100,000 shares of the company’s stock, valued at $390,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.21% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Rigel Pharmaceuticals by 6.1% during the second quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after purchasing an additional 348,755 shares during the period. State Street Corp boosted its holdings in shares of Rigel Pharmaceuticals by 4.3% during the second quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock worth $5,974,000 after purchasing an additional 90,640 shares during the period. Marshall Wace North America L.P. boosted its holdings in shares of Rigel Pharmaceuticals by 0.5% during the second quarter. Marshall Wace North America L.P. now owns 1,988,193 shares of the biotechnology company’s stock worth $5,965,000 after purchasing an additional 9,867 shares during the period. Northern Trust Corp boosted its holdings in shares of Rigel Pharmaceuticals by 7.8% during the second quarter. Northern Trust Corp now owns 1,467,524 shares of the biotechnology company’s stock worth $4,006,000 after purchasing an additional 106,148 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Rigel Pharmaceuticals by 0.8% during the second quarter. JPMorgan Chase & Co. now owns 1,461,550 shares of the biotechnology company’s stock worth $3,990,000 after purchasing an additional 11,836 shares during the period. Institutional investors own 75.42% 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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