Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.

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. “

Other equities analysts also recently issued reports about the company. HC Wainwright set a $8.00 target price on Rigel Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, October 11th. Cantor Fitzgerald reissued a “buy” rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, October 3rd. ValuEngine raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Citigroup started coverage on Rigel Pharmaceuticals in a research note on Monday, August 27th. They set a “buy” rating and a $8.50 target price for the company. Finally, BidaskClub raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. Rigel Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $7.59.

Rigel Pharmaceuticals stock opened at $2.86 on Friday. Rigel Pharmaceuticals has a twelve month low of $2.56 and a twelve month high of $4.71. The company has a market cap of $476.59 million, a price-to-earnings ratio of -4.61 and a beta of 1.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $4.87 million for the quarter, compared to analyst estimates of $3.52 million. Equities analysts predict that Rigel Pharmaceuticals will post -0.42 earnings per share for the current fiscal year.

In other news, insider Nelson Cabatuan sold 10,000 shares of the stock in a transaction that occurred on Friday, October 12th. The stock was sold at an average price of $3.12, for a total transaction of $31,200.00. Following the completion of the transaction, the insider now directly owns 58 shares of the company’s stock, valued at approximately $180.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Eldon C. Mayer III acquired 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The stock was purchased at an average cost of $2.82 per share, with a total value of $282,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 179,500 shares of company stock valued at $624,615. Company insiders own 5.38% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in Rigel Pharmaceuticals by 1.8% in the 3rd quarter. FMR LLC now owns 24,966,516 shares of the biotechnology company’s stock valued at $80,143,000 after purchasing an additional 429,472 shares in the last quarter. BlackRock Inc. increased its stake in Rigel Pharmaceuticals by 1.8% in the 3rd quarter. BlackRock Inc. now owns 13,635,104 shares of the biotechnology company’s stock valued at $43,767,000 after purchasing an additional 242,737 shares in the last quarter. Sofinnova Ventures Inc increased its stake in Rigel Pharmaceuticals by 43.5% in the 3rd quarter. Sofinnova Ventures Inc now owns 3,260,931 shares of the biotechnology company’s stock valued at $10,467,000 after purchasing an additional 988,204 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in Rigel Pharmaceuticals by 44.5% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 2,268,000 shares of the biotechnology company’s stock valued at $7,280,000 after purchasing an additional 698,000 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Rigel Pharmaceuticals by 12.4% in the 2nd quarter. Northern Trust Corp now owns 1,996,369 shares of the biotechnology company’s stock valued at $5,650,000 after purchasing an additional 219,926 shares in the last quarter. 94.38% of the stock is owned by hedge funds and other institutional investors.

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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