Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) shares shot up 4% during mid-day trading on Wednesday . The stock traded as high as $2.87 and last traded at $2.85, with a volume of 487,230 shares traded. The stock had previously closed at $2.74.

Several research firms have recently issued reports on RIGL. Credit Suisse Group AG raised Rigel Pharmaceuticals to a “buy” rating in a research note on Saturday, April 23rd. Zacks Investment Research raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 10th. HC Wainwright began coverage on Rigel Pharmaceuticals in a research note on Wednesday, July 13th. They set a “buy” rating and a $6.00 price target for the company. Piper Jaffray Cos. began coverage on Rigel Pharmaceuticals in a research note on Monday, June 13th. They set an “overweight” rating and a $10.00 price target for the company. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 4th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $5.96.

The stock’s market capitalization is $272.42 million. The firm’s 50-day moving average is $2.44 and its 200 day moving average is $2.43.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The business earned $8.60 million during the quarter, compared to the consensus estimate of $3.75 million. The company’s revenue for the quarter was up 65.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.16) EPS. On average, analysts expect that Rigel Pharmaceuticals Inc. will post ($0.75) earnings per share for the current fiscal year.

An institutional investor recently raised its position in Rigel Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) by 14.5% during the fourth quarter, according to its most recent disclosure with the SEC. 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 as of its most recent SEC filing.

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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