Rigel Pharmaceuticals (NASDAQ:RIGL) Receives Buy Rating from HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued on Wednesday, Benzinga reports. They currently have a $15.00 price target on the biotechnology company’s stock.

A number of other research firms have also recently weighed in on RIGL. StockNews.com cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, April 4th. Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 6th. B. Riley restated a “neutral” rating and issued a $1.25 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Finally, Citigroup increased their price objective on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Three 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 stock has an average rating of “Hold” and a consensus target price of $5.81.

Rigel Pharmaceuticals Trading Down 11.3 %

NASDAQ:RIGL traded down $0.14 during mid-day trading on Wednesday, hitting $1.06. The company’s stock had a trading volume of 612,622 shares, compared to its average volume of 1,296,464. The company has a market capitalization of $185.05 million, a price-to-earnings ratio of -7.03 and a beta of 1.06. Rigel Pharmaceuticals has a fifty-two week low of $0.71 and a fifty-two week high of $1.96. The stock has a fifty day moving average of $1.31 and a 200-day moving average of $1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $29.53 million during the quarter, compared to analyst estimates of $31.28 million. During the same period in the previous year, the business earned ($0.08) EPS. On average, equities analysts anticipate that Rigel Pharmaceuticals will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in Rigel Pharmaceuticals in the third quarter valued at about $34,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Rigel Pharmaceuticals by 28.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 105,067 shares of the biotechnology company’s stock worth $113,000 after acquiring an additional 23,526 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Rigel Pharmaceuticals by 22.0% in the third quarter. Principal Financial Group Inc. now owns 121,938 shares of the biotechnology company’s stock worth $132,000 after acquiring an additional 21,962 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Rigel Pharmaceuticals by 24.2% in the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after acquiring an additional 49,223 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 49.1% in the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after acquiring an additional 198,712 shares in the last quarter. Institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.