Piper Jaffray Initiates Coverage on Rigel Pharmaceuticals to Overweight

Piper Jaffray Initiates Coverage on Rigel Pharmaceuticals(NASDAQ:RIGL). The shares have been rated Overweight. The rating by Piper Jaffray was issued on Jun 13, 2016.

In a different note, On May 16, 2016, Jefferies said it Maintains its rating on Rigel Pharmaceuticals. In the research note, the firm Lowers the price-target to $10.00 per share. The shares have been rated ‘Buy’ by the firm. On Apr 22, 2016, JP Morgan said it Upgrades its rating on Rigel Pharmaceuticals. The shares have been rated ‘Overweight’ by the firm.

Rigel Pharmaceuticals (RIGL) shares turned negative on Fridays trading session with the shares closing down -0.08 points or -3.23% at a volume of 12,63,353. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $2.54. The peak price level was also seen at $2.54 while the days lowest was $2.4. Finally the shares closed at $2.4. The 52-week high of the shares is $3.68 while the 52-week low is $1.882. According to the latest information available, the market cap of the company is $221 M.

Rigel Pharmaceuticals(RIGL) last announced its earnings results on May 3, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $5.03M. Analysts had an estimated revenue of $4.00M. Earnings per share were $-0.19. Analysts had estimated an EPS of $-0.19.

Several Insider Transactions has been reported to the SEC. On Jun 12, 2015, Donald G Payan (EVP, Pres. Discovery&Research) sold 41,666 shares at $3.68 per share price.

Rigel Pharmaceuticals Inc. is a clinical-stage drug development company. The Company discovers and develops small-molecule drugs for the treatment of inflammatory and autoimmune diseases immuno-oncology related diseases and muscle disorders. Its research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. It has various product candidates in development: fostamatinib; R348; two oncology product candidates and two preclinical programs. Fostamatinib is an oral spleen tyrosine kinase (SYK) inhibitor. R348 is a topical janus kinase (JAK)/SYK inhibitor. It is conducting research in the disease areas of inflammation/immunology and muscle wasting/muscle endurance.

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