Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded at Zacks Research

Zacks Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a strong sell rating to a hold rating in a research report released on Wednesday,Zacks.com reports.

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

Rigel Pharmaceuticals Price Performance

RIGL stock opened at $35.46 on Wednesday. The firm has a 50 day moving average of $38.89 and a 200-day moving average of $37.30. The company has a market cap of $643.60 million, a price-to-earnings ratio of 5.75 and a beta of 1.11. 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.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently made changes to their positions in RIGL. IFP Advisors Inc boosted its stake in Rigel Pharmaceuticals by 21.8% during the 4th quarter. IFP Advisors Inc now owns 2,264 shares of the biotechnology company’s stock worth $97,000 after acquiring an additional 405 shares during the last quarter. Rhumbline Advisers increased its holdings 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 worth $507,000 after acquiring an additional 555 shares during the last quarter. Range Financial Group LLC raised its holdings in Rigel Pharmaceuticals by 1.2% in the 4th quarter. Range Financial Group LLC now owns 45,938 shares of the biotechnology company’s stock valued at $1,968,000 after acquiring an additional 561 shares during the period. Deutsche Bank AG increased its position in Rigel Pharmaceuticals by 4.0% during the 4th quarter. Deutsche Bank AG now owns 14,655 shares of the biotechnology company’s stock worth $628,000 after buying an additional 570 shares during the period. Finally, AlphaQuest LLC increased its holdings in shares of Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 775 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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).