Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a buy rating to a hold rating in a research note released on Saturday, Zacks.com reports.

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. “

Several other research analysts have also commented on the company. BidaskClub raised Rigel Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday. JPMorgan Chase & Co. reissued an overweight rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a research report on Thursday, September 26th. Cantor Fitzgerald reissued an overweight rating on shares of Rigel Pharmaceuticals in a research report on Friday, October 18th. Finally, HC Wainwright set a $8.00 price objective on Rigel Pharmaceuticals and gave the company a buy rating in a research report on Monday, September 23rd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Rigel Pharmaceuticals currently has an average rating of Buy and a consensus price target of $6.13.

Shares of RIGL stock traded up $0.13 during mid-day trading on Friday, hitting $2.25. 1,110,400 shares of the company’s stock were exchanged, compared to its average volume of 1,592,250. The stock has a 50-day simple moving average of $1.84 and a two-hundred day simple moving average of $2.08. The company has a quick ratio of 4.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.29. Rigel Pharmaceuticals has a fifty-two week low of $1.56 and a fifty-two week high of $3.16. The stock has a market cap of $363.71 million, a price-to-earnings ratio of -5.11 and a beta of 1.37.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, November 5th. The biotechnology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. Rigel Pharmaceuticals had a negative return on equity of 49.17% and a negative net margin of 56.84%. The company had revenue of $20.86 million for the quarter, compared to analyst estimates of $16.27 million. During the same period last year, the company posted ($0.14) earnings per share. As a group, analysts anticipate that Rigel Pharmaceuticals will post -0.3 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter worth about $38,000. California Public Employees Retirement System increased its position in shares of Rigel Pharmaceuticals by 12.6% during the third quarter. California Public Employees Retirement System now owns 524,458 shares of the biotechnology company’s stock worth $981,000 after acquiring an additional 58,858 shares during the last quarter. Brighton Jones LLC purchased a new stake in shares of Rigel Pharmaceuticals during the third quarter worth about $34,000. Meeder Asset Management Inc. increased its position in shares of Rigel Pharmaceuticals by 2,366.6% during the third quarter. Meeder Asset Management Inc. now owns 36,851 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 35,357 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of Rigel Pharmaceuticals by 38.0% during the second quarter. UBS Asset Management Americas Inc. now owns 82,759 shares of the biotechnology company’s stock worth $216,000 after acquiring an additional 22,803 shares during the last quarter. 90.08% of the stock is currently 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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