HC Wainwright set a $8.00 target price on Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note published on Wednesday morning. The firm currently has a buy rating on the biotechnology company’s stock.
Other equities analysts have also issued research reports about the company. BidaskClub lowered Rigel Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, October 24th. Cantor Fitzgerald reiterated a buy rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 8th. Zacks Investment Research lowered Rigel Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, July 25th. Finally, Citigroup started coverage on Rigel Pharmaceuticals in a research note on Monday, August 27th. They set a buy rating and a $8.50 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $7.59.
NASDAQ:RIGL traded down $0.23 on Wednesday, hitting $2.85. The company’s stock had a trading volume of 2,645,999 shares, compared to its average volume of 1,862,379. The firm has a market capitalization of $522.63 million, a price-to-earnings ratio of -4.60 and a beta of 1.25. Rigel Pharmaceuticals has a one year low of $2.56 and a one year high of $4.71.
Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million for the quarter, compared to the consensus estimate of $3.52 million. On average, equities research analysts forecast that Rigel Pharmaceuticals will post -0.5 earnings per share for the current fiscal year.
In related news, EVP Anne-Marie Duliege sold 16,500 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $3.51, for a total transaction of $57,915.00. Following the sale, the executive vice president now owns 16,500 shares of the company’s stock, valued at $57,915. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nelson Cabatuan sold 10,000 shares of the stock in a transaction that occurred on Friday, October 12th. The stock was sold at an average price of $3.12, for a total value of $31,200.00. Following the sale, the insider now directly owns 58 shares in the company, valued at approximately $180.96. The disclosure for this sale can be found here. In the last three months, insiders have purchased 314,000 shares of company stock worth $907,820 and have sold 179,500 shares worth $624,615. Corporate insiders own 5.38% of the company’s stock.
A number of large investors have recently modified their holdings of RIGL. Canada Pension Plan Investment Board boosted its holdings in shares of Rigel Pharmaceuticals by 400.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 250,000 shares of the biotechnology company’s stock valued at $803,000 after purchasing an additional 200,000 shares in the last quarter. FMR LLC boosted its holdings in shares of Rigel Pharmaceuticals by 1.8% in the 3rd quarter. FMR LLC now owns 24,966,516 shares of the biotechnology company’s stock valued at $80,143,000 after purchasing an additional 429,472 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Rigel Pharmaceuticals by 1.8% in the 3rd quarter. BlackRock Inc. now owns 13,635,104 shares of the biotechnology company’s stock valued at $43,767,000 after purchasing an additional 242,737 shares in the last quarter. Granite Investment Partners LLC acquired a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter valued at $231,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of Rigel Pharmaceuticals by 15.0% in the 3rd quarter. Alliancebernstein L.P. now owns 1,342,040 shares of the biotechnology company’s stock valued at $4,308,000 after purchasing an additional 175,000 shares in the last quarter. 94.35% of the stock is currently owned by institutional investors and hedge funds.
Rigel Pharmaceuticals Company Profile
Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.
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