Zacks Investment Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a research note released on Tuesday morning. 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. “
Several other research firms have also recently issued reports on RIGL. HC Wainwright set a $8.00 price objective on Rigel Pharmaceuticals and gave the stock a buy rating in a research report on Friday, October 5th. BidaskClub upgraded Rigel Pharmaceuticals from a strong sell rating to a sell rating in a research report on Wednesday, September 5th. JPMorgan Chase & Co. restated an overweight rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, September 4th. Cantor Fitzgerald restated a buy rating and issued a $9.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 3rd. Finally, ValuEngine upgraded Rigel Pharmaceuticals from a hold rating to a buy rating in a report on Tuesday, August 28th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $7.59.
Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. The business had revenue of $4.87 million during the quarter, compared to analysts’ expectations of $3.52 million. As a group, research analysts forecast that Rigel Pharmaceuticals will post -0.42 EPS for the current fiscal year.
In other news, EVP Eldon C. Mayer III purchased 100,000 shares of the business’s stock in a transaction on Tuesday, September 11th. The stock was purchased at an average price of $3.26 per share, with a total value of $326,000.00. Following the acquisition, the executive vice president now directly owns 165,000 shares in the company, valued at approximately $537,900. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Anne-Marie Duliege sold 16,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $3.51, for a total value of $57,915.00. Following the completion of the sale, the executive vice president now owns 16,500 shares in the company, valued at $57,915. The disclosure for this sale can be found here. Insiders have sold 179,500 shares of company stock worth $624,615 in the last quarter. 5.38% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the business. FMR LLC raised its stake in Rigel Pharmaceuticals by 11.1% during the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock worth $69,440,000 after buying an additional 2,448,925 shares during the period. BlackRock Inc. lifted 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 last quarter. Stonepine Capital Management LLC acquired a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $4,235,000. Sio Capital Management LLC acquired a new stake in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $3,958,000. Finally, Morgan Stanley increased its stake in Rigel Pharmaceuticals by 87.0% in the third quarter. Morgan Stanley now owns 2,710,087 shares of the biotechnology company’s stock valued at $8,699,000 after acquiring an additional 1,260,718 shares during the last quarter. 93.89% of the stock is currently owned by hedge funds and other institutional investors.
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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