Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Rating Upgraded by Zacks Investment Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Zacks.com reports. The firm presently has a $3.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates 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. “

A number of other research analysts also recently issued reports on RIGL. Cantor Fitzgerald restated a “buy” rating and set a $15.00 price target on shares of Foamix Pharmaceuticals in a research note on Tuesday, May 7th. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $6.70.

NASDAQ:RIGL opened at $2.52 on Friday. The stock’s 50 day moving average price is $2.28. The stock has a market cap of $423.00 million, a P/E ratio of -5.73 and a beta of 1.26. The company has a quick ratio of 5.29, a current ratio of 5.33 and a debt-to-equity ratio of 0.26. Rigel Pharmaceuticals has a 52-week low of $1.96 and a 52-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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $12.62 million for 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) EPS. Equities research analysts predict that Rigel Pharmaceuticals will post -0.31 EPS for the current fiscal year.

In related news, CFO Dean L. Schorno acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was bought at an average cost of $2.13 per share, with a total value of $106,500.00. Following the transaction, the chief financial officer now owns 46,726 shares of the company’s stock, valued at $99,526.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.96% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. HRT Financial LLC acquired a new stake in Rigel Pharmaceuticals during the 4th quarter worth approximately $28,000. Quantitative Systematic Strategies LLC acquired a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $45,000. SG Americas Securities LLC acquired a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $55,000. Amalgamated Bank lifted its position in Rigel Pharmaceuticals by 128.4% during the 4th quarter. Amalgamated Bank now owns 24,692 shares of the biotechnology company’s stock worth $57,000 after acquiring an additional 13,883 shares during the period. Finally, Marshall Wace North America L.P. acquired a new stake in Rigel Pharmaceuticals during the 1st quarter worth approximately $89,000. 93.04% of the stock is owned by institutional investors.

About Rigel Pharmaceuticals

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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