Shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) rose 3.1% on Wednesday . The stock traded as high as $2.35 and last traded at $2.34, with a volume of 386,408 shares trading hands. The stock had previously closed at $2.27.

RIGL has been the subject of several recent research reports. Jefferies Group reiterated a “buy” rating and set a $8.00 target price (down previously from $10.00) on shares of Rigel Pharmaceuticals in a research note on Monday, May 16th. Credit Suisse Group AG upgraded shares of Rigel Pharmaceuticals to a “buy” rating in a research note on Saturday, April 23rd. HC Wainwright initiated coverage on shares of Rigel Pharmaceuticals in a research note on Wednesday, July 13th. They set a “buy” rating and a $6.00 target price for the company. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 10th. Finally, Piper Jaffray Cos. initiated coverage on shares of Rigel Pharmaceuticals in a research note on Monday, June 13th. They set an “overweight” rating and a $10.00 target price for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $6.35.

The stock’s 50-day moving average is $2.30 and its 200 day moving average is $2.43. The stock’s market capitalization is $217.46 million.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, May 3rd. The company reported ($0.19) EPS for the quarter, meeting analysts’ consensus estimates of ($0.19). During the same quarter in the previous year, the company posted ($0.21) earnings per share. The firm earned $5.03 million during the quarter, compared to analyst estimates of $4 million. The business’s revenue for the quarter was up 130.7% compared to the same quarter last year. On average, analysts expect that Rigel Pharmaceuticals Inc. will post ($0.64) EPS for the current year.

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.

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