Shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) were up 3.2% on Tuesday . The stock traded as high as $2.99 and last traded at $2.90, with a volume of 488,982 shares changing hands. The stock had previously closed at $2.81.

Several analysts recently weighed in on RIGL shares. BMO Capital Markets started coverage on shares of Rigel Pharmaceuticals in a report on Monday, August 1st. They issued an “outperform” rating and a $4.00 target price for the company. HC Wainwright started coverage on shares of Rigel Pharmaceuticals in a report on Wednesday, July 13th. They issued a “buy” rating and a $6.00 target price for the company. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, August 3rd. Piper Jaffray Cos. reiterated a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday, August 17th. Finally, Zacks Investment Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, May 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Rigel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $5.96.

The company has a 50-day moving average of $2.51 and a 200-day moving average of $2.43. The firm’s market capitalization is $272.42 million.

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

A hedge fund recently raised its stake in Rigel Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. boosted its stake 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. 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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