Rigel Pharmaceuticals (RIGL) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a report published on Wednesday. The firm currently has $3.25 price objective 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 equities research analysts also recently issued reports about the stock. HC Wainwright set a $8.00 price objective on shares of Rigel Pharmaceuticals and gave the stock a buy rating in a research note on Thursday, October 11th. Cantor Fitzgerald reiterated a buy rating and set a $9.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 3rd. ValuEngine upgraded shares of Rigel Pharmaceuticals from a hold rating to a buy rating in a research note on Tuesday, August 28th. Citigroup started coverage on shares of Rigel Pharmaceuticals in a research note on Monday, August 27th. They set a buy rating and a $8.50 price objective on the stock. Finally, BidaskClub upgraded shares of Rigel Pharmaceuticals from a sell rating to a hold rating in a research note on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Rigel Pharmaceuticals presently has a consensus rating of Buy and an average target price of $7.59.
Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. The business had revenue of $4.87 million during the quarter, compared to analyst estimates of $3.52 million. On average, equities research analysts anticipate that Rigel Pharmaceuticals will post -0.45 earnings per share for the current fiscal year.
In other news, insider Nelson Cabatuan sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 12th. The shares were sold at an average price of $3.12, for a total value of $31,200.00. Following the sale, the insider now directly owns 58 shares in the company, valued at approximately $180.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Anne-Marie Duliege sold 153,000 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $3.50, for a total transaction of $535,500.00. Following the completion of the sale, the executive vice president now owns 115,500 shares in the company, valued at $404,250. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 314,000 shares of company stock worth $907,820 and have sold 179,500 shares worth $624,615. Corporate insiders own 5.38% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. MetLife Investment Advisors LLC boosted its stake in shares of Rigel Pharmaceuticals by 53.0% in the 2nd quarter. MetLife Investment Advisors LLC now owns 101,362 shares of the biotechnology company’s stock valued at $287,000 after purchasing an additional 35,092 shares in the last quarter. UBS Group AG raised its holdings in Rigel Pharmaceuticals by 107.0% in the 1st quarter. UBS Group AG now owns 423,414 shares of the biotechnology company’s stock valued at $1,499,000 after buying an additional 218,868 shares during the last quarter. BlackRock Inc. raised its holdings in Rigel Pharmaceuticals by 20.9% in the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after buying an additional 2,312,498 shares during the last quarter. FMR LLC raised its holdings in Rigel Pharmaceuticals by 11.1% in the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after buying an additional 2,448,925 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Rigel Pharmaceuticals in the 2nd quarter valued at approximately $142,000. Institutional investors own 94.38% of the company’s stock.
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 fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.
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