Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Bumped Down to “Strong Sell” by Zacks Research

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

Several other equities analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Rigel Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 6th. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price target (up from $57.00) on shares of Rigel Pharmaceuticals in a research note on Friday, August 14th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $49.00 price target (up from $40.00) on shares of Rigel Pharmaceuticals in a research note on Monday, August 17th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.00.

Rigel Pharmaceuticals Stock Up 0.9%

NASDAQ:RIGL opened at $47.25 on Wednesday. The company has a fifty day moving average of $46.40 and a 200-day moving average of $37.92. The firm has a market capitalization of $874.12 million, a P/E ratio of 2.90 and a beta of 1.19. Rigel Pharmaceuticals has a twelve month low of $24.95 and a twelve month high of $52.24.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 4th. The biotechnology company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.79. The business had revenue of $78.70 million for the quarter, compared to analyst estimates of $55.27 million. Rigel Pharmaceuticals had a net margin of 116.30% and a return on equity of 22.95%. On average, analysts anticipate that Rigel Pharmaceuticals will post 2.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth about $25,793,000. State of Alaska Department of Revenue acquired a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $275,000. Venture Visionary Partners LLC acquired a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $296,000. Juncture Wealth Strategies LLC acquired a new position in Rigel Pharmaceuticals during the 3rd quarter valued at about $220,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Rigel Pharmaceuticals during the 2nd quarter worth approximately $38,000. 66.23% of the stock is owned by institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a biotechnology company that discovers, develops and commercializes small-molecule medicines for immune and hematologic diseases. Founded in 1996 and headquartered in South San Francisco, California, the company focuses on therapies designed to address significant unmet medical needs in areas including autoimmune disorders, inflammatory conditions and cancer.

Rigel’s marketed products include TAVALISSE (fostamatinib), an oral spleen tyrosine kinase inhibitor approved in the United States to treat adults with chronic immune thrombocytopenia who have had an insufficient response to previous treatment.