Zacks Investment Research lowered shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a sell rating in a research report report published on Wednesday morning.

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 firms have also issued reports on RIGL. HC Wainwright set a $8.00 target price on Rigel Pharmaceuticals and gave the company a buy rating in a report on Friday, October 5th. Cantor Fitzgerald set a $9.00 target price on Rigel Pharmaceuticals and gave the company a buy rating in a report on Monday, December 3rd. BidaskClub raised Rigel Pharmaceuticals from a sell rating to a hold rating in a report on Tuesday, September 18th. Finally, ValuEngine lowered Rigel Pharmaceuticals from a buy rating to a hold rating in a report on Friday, December 21st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $7.50.

Shares of NASDAQ:RIGL traded down $0.10 during trading on Wednesday, reaching $2.20. The company had a trading volume of 1,726,835 shares, compared to its average volume of 2,705,688. The firm has a market cap of $398.27 million, a P/E ratio of -3.55 and a beta of 1.43. Rigel Pharmaceuticals has a fifty-two week low of $1.96 and a fifty-two week high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.02. The company had revenue of $4.87 million during the quarter, compared to analyst estimates of $3.52 million. On average, analysts expect that Rigel Pharmaceuticals will post -0.43 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. BlueMountain Capital Management LLC purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $154,000. New Jersey Better Educational Savings Trust purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $193,000. Cubist Systematic Strategies LLC boosted its stake in shares of Rigel Pharmaceuticals by 199.9% in the second quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock valued at $171,000 after buying an additional 40,366 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 67.8% in the third quarter. AQR Capital Management LLC now owns 61,779 shares of the biotechnology company’s stock valued at $198,000 after buying an additional 24,961 shares in the last quarter. Finally, Granite Investment Partners LLC purchased a new stake in shares of Rigel Pharmaceuticals in the third quarter valued at approximately $231,000. Hedge funds and other institutional investors own 94.12% 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 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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