Zacks Investment Research downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a sell rating in a research note published on Saturday 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 analysts have also recently issued reports on RIGL. HC Wainwright set a $7.00 price objective on Rigel Pharmaceuticals and gave the company a buy rating in a report on Monday, December 11th. Cantor Fitzgerald started coverage on Rigel Pharmaceuticals in a report on Thursday, December 14th. They set an overweight rating and a $6.00 price objective for the company. ValuEngine cut Rigel Pharmaceuticals from a hold rating to a sell rating in a report on Friday, December 15th. BidaskClub cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a report on Tuesday, December 19th. Finally, Piper Jaffray Companies reissued an overweight rating and set a $6.00 price objective on shares of Rigel Pharmaceuticals in a report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $5.71.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, March 6th. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.05). During the same quarter in the prior year, the company earned ($0.16) earnings per share. equities analysts anticipate that Rigel Pharmaceuticals will post -0.66 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its holdings in shares of Rigel Pharmaceuticals by 116.9% in the third quarter. Wells Fargo & Company MN now owns 414,745 shares of the biotechnology company’s stock valued at $1,053,000 after buying an additional 223,528 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Rigel Pharmaceuticals by 6.1% in the second quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock valued at $16,489,000 after buying an additional 348,755 shares during the last quarter. Macquarie Group Ltd. raised its holdings in shares of Rigel Pharmaceuticals by 15.6% in the third quarter. Macquarie Group Ltd. now owns 734,088 shares of the biotechnology company’s stock valued at $1,865,000 after buying an additional 99,088 shares during the last quarter. State Street Corp raised its holdings in shares of Rigel Pharmaceuticals by 4.3% in the second quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock valued at $5,974,000 after buying an additional 90,640 shares during the last quarter. Finally, EAM Investors LLC bought a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at about $1,845,000. 92.82% of the stock is owned by institutional investors and hedge funds.
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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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