Shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) traded down 3.4% during mid-day trading on Monday . The stock traded as low as $2.80 and last traded at $2.80, with a volume of 320,965 shares changing hands. The stock had previously closed at $2.90.

Several analysts have issued reports on the company. Jefferies Group reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 4th. Zacks Investment Research raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 6th. Piper Jaffray Cos. assumed coverage on Rigel Pharmaceuticals in a research note on Monday, June 13th. They issued an “overweight” rating and a $10.00 price target on the stock. HC Wainwright reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 4th. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $5.96.

The stock’s 50 day moving average price is $2.51 and its 200-day moving average price is $2.43. The company’s market cap is $265.80 million.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.05. During the same period last year, the company posted ($0.16) EPS. The firm had revenue of $8.60 million for the quarter, compared to the consensus estimate of $3.75 million. The business’s revenue was up 65.4% compared to the same quarter last year. On average, analysts expect that Rigel Pharmaceuticals Inc. will post ($0.75) EPS 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 shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) by 14.5% during the fourth quarter, according to its most recent filing with the 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 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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