Investment Analysts’ Weekly Ratings Updates for Rigel Pharmaceuticals (RIGL)

Share on StockTwits

Several brokerages have updated their recommendations and price targets on shares of Rigel Pharmaceuticals (NASDAQ: RIGL) in the last few weeks:

  • 8/28/2018 – Rigel Pharmaceuticals was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 8/27/2018 – Rigel Pharmaceuticals is now covered by analysts at Citigroup Inc. They set a “buy” rating and a $8.50 price target on the stock.
  • 8/16/2018 – Rigel Pharmaceuticals was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating.
  • 8/14/2018 – Rigel Pharmaceuticals was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 8/9/2018 – Rigel Pharmaceuticals had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $8.00 price target on the stock. They wrote, “Valuation and impediments to achieving price target. We reiterate our Buy rating and $7.50 price target. Our target is based on our clinical net present value (NPV) model, which derives its value from Tavalisse without any current contribution from pipeline assets. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.””
  • 8/8/2018 – Rigel Pharmaceuticals had its “buy” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $9.00 price target on the stock. They wrote, “: We are reiterating our Overweight rating on Rigel Pharmaceuticals and our 12-month price target of $9 per share, following Rigel’s 2Q18 financial results call. Rigel hosted a conference call and provided an update on its initial commercial launch of TAVALISSE (fostamatinib) in immune thrombocytopenia (ITP), which began at the end of May 2018. On the call, Rigel announced additional details on the commercial launch, including positive feedback from prescribing physicians and anecdotal evidence of TAVALISSE’s benefit for patients. We are encouraged by the strong positive uptake within just a month of commercial availability of the product and have adjusted our model for the quarter.””
  • 7/25/2018 – Rigel Pharmaceuticals was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 7/24/2018 – Rigel Pharmaceuticals was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 7/12/2018 – Rigel Pharmaceuticals was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/6/2018 – Rigel Pharmaceuticals was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 7/4/2018 – Rigel Pharmaceuticals was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $3.25 price target on the 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. “

RIGL traded up $0.01 during trading on Thursday, reaching $3.26. 51,601 shares of the company’s stock were exchanged, compared to its average volume of 1,758,888. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $2.28 and a fifty-two week high of $4.71. The company has a market capitalization of $477.69 million, a P/E ratio of -5.26 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.16). The business had revenue of $1.79 million for the quarter, compared to analyst estimates of $0.30 million. analysts forecast that Rigel Pharmaceuticals, Inc. will post -0.65 earnings per share for the current fiscal year.

In related news, EVP Eldon C. Mayer III acquired 100,000 shares of the business’s stock in a transaction on Thursday, August 23rd. The stock was bought at an average cost of $2.82 per share, with a total value of $282,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Raul R. Rodriguez acquired 114,000 shares of the business’s stock in a transaction on Friday, August 17th. The shares were bought at an average cost of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. 5.38% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of Montreal Can bought a new position in shares of Rigel Pharmaceuticals in the second quarter valued at about $139,000. Canada Pension Plan Investment Board bought a new position in shares of Rigel Pharmaceuticals in the second quarter valued at about $142,000. Cubist Systematic Strategies LLC raised its holdings 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 during the last quarter. Lido Advisors LLC bought a new position in shares of Rigel Pharmaceuticals in the first quarter valued at about $195,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Rigel Pharmaceuticals in the first quarter valued at about $232,000. 94.24% of the stock is owned by institutional investors.

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.

Further Reading: Average Daily Trade Volume – ADTV

Receive News & Ratings for Rigel Pharmaceuticals Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply