Shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) traded up 4% during mid-day trading on Wednesday . The company 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.

A number of analysts have issued reports on the stock. Piper Jaffray Cos. reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday. HC Wainwright reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 4th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 3rd. BMO Capital Markets assumed coverage on shares of Rigel Pharmaceuticals in a research note on Monday, August 1st. They set an “outperform” rating and a $4.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $5.96.

The stock’s market cap is $279.04 million. The firm has a 50 day moving average price of $2.48 and a 200-day moving average price of $2.44.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. The company had revenue of $8.60 million for the quarter, compared to analyst estimates of $3.75 million. During the same period in the previous year, the business earned ($0.16) EPS. The firm’s revenue was up 65.4% on a year-over-year basis. Equities research analysts predict that Rigel Pharmaceuticals Inc. will post ($0.75) EPS for the current fiscal year.

A hedge fund recently raised its stake in Rigel Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 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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