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

Zacks Investment Research downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong-buy rating to a hold rating in a research report 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 analysts have also issued reports on RIGL. BidaskClub upgraded shares of Rigel Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, January 8th. HC Wainwright restated a buy rating and issued a $8.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, December 18th. JPMorgan Chase & Co. restated an overweight rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a report on Thursday, September 26th. Cantor Fitzgerald restated an overweight rating on shares of Rigel Pharmaceuticals in a report on Friday, October 18th. Finally, BMO Capital Markets reduced their price objective on shares of Rigel Pharmaceuticals from $11.00 to $8.00 and set an outperform rating on the stock in a report on Monday, December 9th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Rigel Pharmaceuticals presently has an average rating of Buy and a consensus price target of $6.50.

Shares of RIGL opened at $3.00 on Friday. The firm has a market cap of $482.72 million, a P/E ratio of -10.70 and a beta of 1.36. Rigel Pharmaceuticals has a 12-month low of $1.56 and a 12-month high of $3.10. The company’s 50-day moving average price is $2.25 and its 200 day moving average price is $2.09. The company has a current ratio of 4.06, a quick ratio of 4.03 and a debt-to-equity ratio of 0.45.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, November 5th. The biotechnology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. The firm had revenue of $20.86 million for the quarter, compared to analyst estimates of $16.27 million. Rigel Pharmaceuticals had a negative net margin of 56.84% and a negative return on equity of 52.74%. During the same period in the previous year, the firm earned ($0.14) EPS. Equities research analysts forecast that Rigel Pharmaceuticals will post -0.42 earnings per share for the current year.

A number of large investors have recently modified their holdings of the business. California State Teachers Retirement System increased its stake in Rigel Pharmaceuticals by 2.0% during the third quarter. California State Teachers Retirement System now owns 262,121 shares of the biotechnology company’s stock worth $490,000 after purchasing an additional 5,058 shares during the period. Bank of Montreal Can increased its stake in Rigel Pharmaceuticals by 443.0% during the second quarter. Bank of Montreal Can now owns 17,000 shares of the biotechnology company’s stock worth $44,000 after purchasing an additional 13,869 shares during the period. Brighton Jones LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter worth about $34,000. SG Americas Securities LLC purchased a new stake in Rigel Pharmaceuticals during the third quarter worth about $38,000. Finally, UBS Asset Management Americas Inc. increased its stake in 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 purchasing an additional 22,803 shares during the period. Institutional investors own 88.12% of the company’s stock.

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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