Citigroup Lowers Rigel Pharmaceuticals (NASDAQ:RIGL) to Neutral

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, The Fly reports.

Other analysts also recently issued research reports about the stock. StockNews.com started coverage on shares of Rigel Pharmaceuticals in a report on Thursday, March 31st. They set a “hold” rating for the company. Jefferies Financial Group downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday. Cantor Fitzgerald cut shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $6.00 to $1.00 in a research report on Wednesday. HC Wainwright lowered their price objective on shares of Rigel Pharmaceuticals from $11.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Piper Sandler cut shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $7.00 to $1.00 in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.20.

Shares of RIGL stock opened at $0.70 on Thursday. The company has a market capitalization of $120.61 million, a price-to-earnings ratio of -1.43 and a beta of 1.50. The company has a debt-to-equity ratio of 4.39, a quick ratio of 2.23 and a current ratio of 2.35. The company has a 50-day simple moving average of $2.35 and a 200 day simple moving average of $2.57. Rigel Pharmaceuticals has a 52 week low of $0.69 and a 52 week high of $4.62.

Rigel Pharmaceuticals (NASDAQ:RIGL – Get Rating) last announced its earnings results on Tuesday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). The company had revenue of $16.74 million for the quarter, compared to the consensus estimate of $18.49 million. Rigel Pharmaceuticals had a negative return on equity of 219.06% and a negative net margin of 99.89%. During the same period in the previous year, the firm posted $0.22 EPS. Sell-side analysts forecast that Rigel Pharmaceuticals will post -0.54 EPS for the current year.

Large investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at $29,000. Eagle Asset Management Inc. bought a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at $29,000. Royce & Associates LP bought a new stake in shares of Rigel Pharmaceuticals in the 4th quarter valued at $37,000. Sciencast Management LP bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter valued at $49,000. Finally, Jump Financial LLC bought a new position in Rigel Pharmaceuticals during the third quarter worth $61,000. 80.33% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile (Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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