Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded by BidaskClub

BidaskClub cut shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a sell rating to a strong sell rating in a research report released on Thursday, BidAskClub reports.

A number of other equities research analysts have also recently commented on RIGL. Cantor Fitzgerald reiterated a buy rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, May 7th. Zacks Investment Research upgraded Rigel Pharmaceuticals from a hold rating to a strong-buy rating and set a $2.50 price target for the company in a research note on Saturday, August 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $6.60.

Shares of NASDAQ RIGL opened at $1.94 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 4.39 and a quick ratio of 4.34. The stock has a market capitalization of $321.81 million, a P/E ratio of -4.41 and a beta of 1.22. Rigel Pharmaceuticals has a 1-year low of $1.87 and a 1-year high of $3.65. The business has a fifty day moving average price of $2.36 and a 200 day moving average price of $2.30.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. Rigel Pharmaceuticals had a negative return on equity of 60.72% and a negative net margin of 89.34%. The company had revenue of $10.41 million during the quarter, compared to analysts’ expectations of $9.25 million. During the same period last year, the business posted ($0.16) earnings per share. As a group, equities research analysts anticipate that Rigel Pharmaceuticals will post -0.29 earnings per share for the current fiscal year.

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno purchased 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, for a total transaction of $106,500.00. Following the completion of the purchase, the chief financial officer now owns 46,726 shares in the company, valued at approximately $99,526.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.96% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Candriam Luxembourg S.C.A. raised its stake in Rigel Pharmaceuticals by 0.3% in the second quarter. Candriam Luxembourg S.C.A. now owns 2,485,450 shares of the biotechnology company’s stock valued at $14,275,000 after buying an additional 7,450 shares during the last quarter. Worth Venture Partners LLC increased its holdings in shares of Rigel Pharmaceuticals by 4.0% in the second quarter. Worth Venture Partners LLC now owns 227,943 shares of the biotechnology company’s stock valued at $595,000 after purchasing an additional 8,800 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in shares of Rigel Pharmaceuticals by 22.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 62,500 shares of the biotechnology company’s stock valued at $207,000 after purchasing an additional 11,500 shares during the period. Lido Advisors LLC increased its holdings in shares of Rigel Pharmaceuticals by 10.7% in the second quarter. Lido Advisors LLC now owns 143,502 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 13,831 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of Rigel Pharmaceuticals by 443.0% in the second quarter. Bank of Montreal Can now owns 17,000 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 13,869 shares during the period. Institutional investors own 91.64% of the company’s stock.

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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