Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) shares were down 11.2% during mid-day 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 traded. The stock had previously closed at $3.93.

Several research analysts have recently issued reports on RIGL shares. Piper Jaffray Cos. reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 17th. HC Wainwright reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research note on Thursday, August 4th. 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. Jefferies Group reissued a “buy” rating and issued a $8.00 price target (down previously from $10.00) on shares of Rigel Pharmaceuticals in a research note on Monday, May 16th. Finally, Zacks Investment Research raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 10th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $6.63.

The stock’s market capitalization is $321.79 million. The firm’s 50-day moving average is $2.68 and its 200 day moving average is $2.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. The firm earned $8.60 million during the quarter, compared to the consensus estimate of $3.75 million. During the same quarter last year, the firm earned ($0.16) earnings per share. The business’s revenue for the quarter was up 65.4% on a year-over-year basis. Equities analysts forecast that Rigel Pharmaceuticals Inc. will post ($0.74) EPS for the current fiscal year.

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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