Brokerages Set Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Price Target at $7.33

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has received a consensus rating of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $7.33.

A number of research firms recently issued reports on RIGL. BidaskClub raised Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 30th. ValuEngine raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, April 2nd. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. lowered their price target on Rigel Pharmaceuticals from $7.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Alberta Investment Management Corp boosted its holdings in shares of Rigel Pharmaceuticals by 159.9% during the fourth quarter. Alberta Investment Management Corp now owns 120,600 shares of the biotechnology company’s stock worth $258,000 after acquiring an additional 74,200 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Rigel Pharmaceuticals by 7.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,114,076 shares of the biotechnology company’s stock worth $6,664,000 after acquiring an additional 212,864 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Rigel Pharmaceuticals by 167.6% during the first quarter. BNP Paribas Arbitrage SA now owns 51,722 shares of the biotechnology company’s stock worth $81,000 after acquiring an additional 32,392 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Rigel Pharmaceuticals by 540.0% during the first quarter. SG Americas Securities LLC now owns 141,165 shares of the biotechnology company’s stock worth $220,000 after acquiring an additional 119,109 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Rigel Pharmaceuticals by 1.2% during the first quarter. BlackRock Inc. now owns 14,881,803 shares of the biotechnology company’s stock worth $23,214,000 after acquiring an additional 173,518 shares during the period. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:RIGL traded down $0.01 during midday trading on Friday, reaching $1.80. The company had a trading volume of 18,300 shares, compared to its average volume of 2,105,371. The company has a quick ratio of 3.68, a current ratio of 3.73 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average price is $1.88 and its 200 day moving average price is $1.98. The stock has a market cap of $310.17 million, a PE ratio of -11.25 and a beta of 1.28. Rigel Pharmaceuticals has a 1-year low of $1.23 and a 1-year high of $3.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.13 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.13. The business had revenue of $55.76 million for the quarter, compared to the consensus estimate of $56.94 million. Rigel Pharmaceuticals had a negative return on equity of 40.15% and a negative net margin of 27.39%. On average, research analysts expect that Rigel Pharmaceuticals will post -0.27 earnings per share for the current fiscal year.

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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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