Rigel Pharmaceuticals (RIGL) is Upgraded by JP Morgan to Overweight

Rigel Pharmaceuticals (RIGL) was Upgraded by JP Morgan to ” Overweight”. Earlier the firm had a rating of “Neutral ” on the company shares. JP Morgan advised their investors in a research report released on Apr 22, 2016.

On the company’s financial health, Rigel Pharmaceuticals reported $-0.14 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Mar 8, 2016. Analyst had a consensus of $-0.09. The company had revenue of $8.54 million for the quarter, compared to analysts expectations of $8.92 million. The company’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.25 EPS.

Rigel Pharmaceuticals opened for trading at $2.48 and hit $2.54 on the upside on Wednesday, eventually ending the session at $2.49, with a gain of 0.81% or 0.02 points. The heightened volatility saw the trading volume jump to 3,12,546 shares. Company has a market cap of $225 M.

In a different news, 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.

Rigel Pharmaceuticals

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