Rigel Pharmaceuticals Inc. (RIGL) Trading Down 4.5%
Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) was down 4.5% during mid-day trading on Tuesday . The stock traded as low as $2.74 and last traded at $2.74, with a volume of 931,484 shares changing hands. The stock had previously closed at $2.87.
Several equities research analysts recently issued reports on RIGL shares. BMO Capital Markets started coverage on shares of Rigel Pharmaceuticals in a report on Monday, August 1st. They set an “outperform” rating and a $4.00 price target on the stock. HC Wainwright started coverage on shares of Rigel Pharmaceuticals in a report on Wednesday, July 13th. They set a “buy” rating and a $6.00 target price on the stock. JPMorgan Chase & Co. reissued a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, August 3rd. Zacks Investment Research lowered shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 7th. Finally, Jefferies Group reissued a “buy” rating and set a $8.00 target price (down from $10.00) on shares of Rigel Pharmaceuticals in a report on Monday, May 16th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $5.96.
The stock’s market cap is $259.17 million. The company’s 50 day moving average price is $2.44 and its 200-day moving average price is $2.43.
Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The firm earned $8.60 million during the quarter, compared to analysts’ expectations of $3.75 million. During the same period in the previous year, the company posted ($0.16) earnings per share. The company’s quarterly revenue was up 65.4% compared to the same quarter last year. On average, equities research analysts anticipate that Rigel Pharmaceuticals Inc. will post ($0.75) earnings per share for the current year.
An institutional investor recently raised its position in Rigel Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. boosted its position in Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 460,672 shares of the company’s stock after buying an additional 58,222 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.52% of Rigel Pharmaceuticals worth $1,396,000 at the end of the most recent reporting period.
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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