Rigel Pharmaceuticals (NASDAQ:RIGL) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a buy rating to a hold rating in a research report released on Saturday morning.

Other research analysts also recently issued research reports about the stock. Zacks Research upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Citigroup restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.67.

Rigel Pharmaceuticals Trading Down 2.4%

Shares of RIGL opened at $25.95 on Friday. The stock has a fifty day moving average price of $35.31 and a two-hundred day moving average price of $36.74. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.30 and a current ratio of 2.42. Rigel Pharmaceuticals has a 52-week low of $15.50 and a 52-week high of $52.24. The company has a market cap of $479.37 million, a price-to-earnings ratio of 1.37 and a beta of 1.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, March 3rd. The biotechnology company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.19). Rigel Pharmaceuticals had a return on equity of 79.84% and a net margin of 124.72%.The business had revenue of $69.80 million for the quarter, compared to the consensus estimate of $68.70 million. Analysts predict that Rigel Pharmaceuticals will post 0.22 EPS for the current fiscal year.

Insider Activity at Rigel Pharmaceuticals

In other Rigel Pharmaceuticals news, Director Walter H. Moos sold 4,000 shares of Rigel Pharmaceuticals stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $36.36, for a total value of $145,440.00. Following the sale, the director owned 12,722 shares of the company’s stock, valued at $462,571.92. This trade represents a 23.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 9.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC raised its stake in Rigel Pharmaceuticals by 234.8% in the 3rd quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 775 shares during the period. Laurel Wealth Advisors LLC boosted its position in Rigel Pharmaceuticals by 1,773.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,810 shares of the biotechnology company’s stock worth $53,000 after purchasing an additional 2,660 shares during the period. IFP Advisors Inc bought a new position in Rigel Pharmaceuticals during the third quarter worth $55,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rigel Pharmaceuticals by 400.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Rigel Pharmaceuticals in the third quarter valued at $62,000. 66.23% of the stock is owned by 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).