Rigel Pharmaceuticals (NASDAQ:RIGL) Raised to Hold at Zacks Research

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, January 22nd. Wall Street Zen upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Cantor Fitzgerald upped their price objective on Rigel Pharmaceuticals from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Finally, Jefferies Financial Group raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and boosted their price target for the stock from $23.00 to $42.00 in a report on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Rigel Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $43.20.

Rigel Pharmaceuticals Trading Up 2.6%

Shares of Rigel Pharmaceuticals stock opened at $36.64 on Wednesday. The company has a market capitalization of $665.02 million, a P/E ratio of 5.94 and a beta of 1.11. The stock has a fifty day simple moving average of $38.99 and a 200 day simple moving average of $37.22. Rigel Pharmaceuticals has a 12-month low of $15.50 and a 12-month high of $52.24. The company has a current ratio of 2.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.25.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. IFP Advisors Inc raised its holdings in Rigel Pharmaceuticals by 21.8% during the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock valued at $97,000 after acquiring an additional 405 shares during the period. Rhumbline Advisers raised its stake in shares of Rigel Pharmaceuticals by 2.1% during the 2nd quarter. Rhumbline Advisers now owns 27,065 shares of the biotechnology company’s stock valued at $507,000 after purchasing an additional 555 shares during the period. Range Financial Group LLC lifted its holdings in Rigel Pharmaceuticals by 1.2% during the 4th quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock worth $1,968,000 after purchasing an additional 561 shares in the last quarter. Deutsche Bank AG boosted its stake in Rigel Pharmaceuticals by 4.0% in the 4th quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock worth $628,000 after purchasing an additional 570 shares during the period. Finally, AlphaQuest LLC grew its holdings in Rigel Pharmaceuticals by 234.8% during the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 775 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).