Rigel Pharmaceuticals (RIGL) – Research Analysts’ Recent Ratings Updates

Rigel Pharmaceuticals (NASDAQ: RIGL) recently received a number of ratings updates from brokerages and research firms:

  • 8/16/2018 – Rigel Pharmaceuticals was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating.
  • 8/14/2018 – Rigel Pharmaceuticals was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 8/9/2018 – Rigel Pharmaceuticals had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $8.00 price target on the stock. They wrote, “Valuation and impediments to achieving price target. We reiterate our Buy rating and $7.50 price target. Our target is based on our clinical net present value (NPV) model, which derives its value from Tavalisse without any current contribution from pipeline assets. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.””
  • 8/8/2018 – Rigel Pharmaceuticals had its “buy” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $9.00 price target on the stock. They wrote, “: We are reiterating our Overweight rating on Rigel Pharmaceuticals and our 12-month price target of $9 per share, following Rigel’s 2Q18 financial results call. Rigel hosted a conference call and provided an update on its initial commercial launch of TAVALISSE (fostamatinib) in immune thrombocytopenia (ITP), which began at the end of May 2018. On the call, Rigel announced additional details on the commercial launch, including positive feedback from prescribing physicians and anecdotal evidence of TAVALISSE’s benefit for patients. We are encouraged by the strong positive uptake within just a month of commercial availability of the product and have adjusted our model for the quarter.””
  • 7/25/2018 – Rigel Pharmaceuticals was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 7/24/2018 – Rigel Pharmaceuticals was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 7/12/2018 – Rigel Pharmaceuticals was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/6/2018 – Rigel Pharmaceuticals was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 7/4/2018 – Rigel Pharmaceuticals was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $3.25 price target on the 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. “
  • 6/21/2018 – Rigel Pharmaceuticals was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.

Shares of RIGL traded down $0.01 during trading hours on Thursday, hitting $2.70. The company had a trading volume of 882,100 shares, compared to its average volume of 2,367,901. The firm has a market capitalization of $464.38 million, a PE ratio of -4.35 and a beta of 1.14. Rigel Pharmaceuticals, Inc. has a 12 month low of $2.18 and a 12 month high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.16). The company had revenue of $1.79 million during the quarter, compared to the consensus estimate of $0.30 million. sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post -0.66 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC increased its position in Rigel Pharmaceuticals by 11.1% during the second quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock worth $69,440,000 after acquiring an additional 2,448,925 shares during the period. BlackRock Inc. increased its position in Rigel Pharmaceuticals by 20.9% during the second quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock worth $37,901,000 after acquiring an additional 2,312,498 shares during the period. Palo Alto Investors LP increased its position in Rigel Pharmaceuticals by 0.8% during the first quarter. Palo Alto Investors LP now owns 3,966,087 shares of the biotechnology company’s stock worth $14,040,000 after acquiring an additional 30,503 shares during the period. Rock Springs Capital Management LP increased its position in Rigel Pharmaceuticals by 4.0% during the first quarter. Rock Springs Capital Management LP now owns 2,575,000 shares of the biotechnology company’s stock worth $9,116,000 after acquiring an additional 100,000 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Rigel Pharmaceuticals by 47.7% during the first quarter. JPMorgan Chase & Co. now owns 2,021,618 shares of the biotechnology company’s stock worth $7,157,000 after acquiring an additional 652,856 shares during the period. 84.66% of the stock is currently owned by institutional investors.

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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