Rigel Pharmaceuticals Inc. (RIGL) Trading Down 11.2%
Shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) were down 11.2% during trading on Wednesday . The stock traded as low as $3.31 and last traded at $3.49, with a volume of 10,472,868 shares changing hands. The stock had previously closed at $3.93.
Several analysts have recently commented on RIGL shares. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, June 10th. HC Wainwright increased their price objective on Rigel Pharmaceuticals from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday. Piper Jaffray Cos. started coverage on Rigel Pharmaceuticals in a report on Monday, June 13th. They set an “overweight” rating and a $10.00 price objective for the company. Jefferies Group reiterated a “buy” rating and set a $8.00 price objective (down previously from $10.00) on shares of Rigel Pharmaceuticals in a report on Monday, May 16th. Finally, BMO Capital Markets upped their target price on Rigel Pharmaceuticals from $4.00 to $6.00 and gave the company an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $6.63.
The firm has a 50 day moving average of $2.62 and a 200 day moving average of $2.46. The company’s market cap is $318.76 million.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) 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 analyst estimates of $3.75 million. During the same quarter last year, the firm earned ($0.16) EPS. The business’s revenue was up 65.4% on a year-over-year basis. On average, analysts anticipate that Rigel Pharmaceuticals Inc. will post ($0.75) earnings per share for the current fiscal year.
A hedge fund recently raised its stake 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 Form 13F 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 about 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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