Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded to “Buy” by Zacks Investment Research

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Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, Zacks.com reports. The firm currently has a $3.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 19.05% from the stock’s previous close.

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. “

RIGL has been the subject of several other research reports. Cantor Fitzgerald reissued a “buy” rating and set a $15.00 price target on shares of Foamix Pharmaceuticals in a research report on Tuesday, May 7th. BidaskClub raised Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $6.70.

Rigel Pharmaceuticals stock opened at $2.52 on Friday. The company has a quick ratio of 5.29, a current ratio of 5.33 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average is $2.28. The stock has a market capitalization of $423.00 million, a P/E ratio of -5.73 and a beta of 1.26. Rigel Pharmaceuticals has a fifty-two week low of $1.96 and a fifty-two week high of $3.65.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $12.62 million during the quarter, compared to the consensus estimate of $12.00 million. Rigel Pharmaceuticals had a negative return on equity of 58.94% and a negative net margin of 111.48%. During the same quarter last year, the business posted ($0.17) earnings per share. Research analysts anticipate that Rigel Pharmaceuticals will post -0.31 earnings per share for the current fiscal year.

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno acquired 50,000 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was acquired at an average price of $2.13 per share, with a total value of $106,500.00. Following the completion of the transaction, the chief financial officer now directly owns 46,726 shares in the company, valued at $99,526.38. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.96% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in RIGL. Dimensional Fund Advisors LP grew its position in shares of Rigel Pharmaceuticals by 251.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,630,034 shares of the biotechnology company’s stock valued at $3,749,000 after purchasing an additional 1,166,694 shares during the period. Marshall Wace LLP grew its position in shares of Rigel Pharmaceuticals by 241.0% in the first quarter. Marshall Wace LLP now owns 1,146,397 shares of the biotechnology company’s stock valued at $2,946,000 after purchasing an additional 810,228 shares during the period. Bank of America Corp DE grew its position in shares of Rigel Pharmaceuticals by 1,294.3% in the fourth quarter. Bank of America Corp DE now owns 585,952 shares of the biotechnology company’s stock valued at $1,347,000 after purchasing an additional 543,928 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Rigel Pharmaceuticals by 64.0% in the first quarter. Assenagon Asset Management S.A. now owns 955,800 shares of the biotechnology company’s stock valued at $2,456,000 after purchasing an additional 372,832 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Rigel Pharmaceuticals by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,929,188 shares of the biotechnology company’s stock valued at $4,437,000 after purchasing an additional 279,416 shares during the period. 93.04% of the stock is owned by institutional investors and hedge funds.

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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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