Zacks Investment Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a research note released on Saturday morning, Zacks.com reports. The brokerage currently has $2.50 target price 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 weighed in on RIGL. BidaskClub raised shares of Rigel Pharmaceuticals from a strong sell rating to a sell rating in a report on Tuesday, May 7th. Cantor Fitzgerald reaffirmed a buy rating and set a $7.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, May 7th. Finally, HC Wainwright set a $8.00 price objective on shares of Rigel Pharmaceuticals and gave the stock a buy rating in a report on Friday, January 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. Rigel Pharmaceuticals has an average rating of Buy and an average price target of $6.60.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.02. The firm had revenue of $12.62 million during the quarter, compared to analyst estimates of $12.00 million. Rigel Pharmaceuticals had a negative net margin of 111.48% and a negative return on equity of 58.94%. During the same quarter in the prior year, the business posted ($0.17) earnings per share. Equities analysts predict that Rigel Pharmaceuticals will post -0.44 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of RIGL. Morgan Stanley increased its holdings in shares of Rigel Pharmaceuticals by 87.0% during the third quarter. Morgan Stanley now owns 2,710,087 shares of the biotechnology company’s stock worth $8,699,000 after buying an additional 1,260,718 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Rigel Pharmaceuticals by 251.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,630,034 shares of the biotechnology company’s stock worth $3,749,000 after buying an additional 1,166,694 shares in the last quarter. Tamarack Advisers LP increased its holdings in shares of Rigel Pharmaceuticals by 20.9% during the fourth quarter. Tamarack Advisers LP now owns 5,500,000 shares of the biotechnology company’s stock worth $12,650,000 after buying an additional 950,000 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals during the fourth quarter worth approximately $1,341,000. Finally, Bank of America Corp DE increased its holdings in shares of Rigel Pharmaceuticals by 1,294.3% during the fourth quarter. Bank of America Corp DE now owns 585,952 shares of the biotechnology company’s stock worth $1,347,000 after buying an additional 543,928 shares in the last quarter. 95.08% of the stock is owned by 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 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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