Jefferies Group restated their buy rating on shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) in a research note issued to investors on Friday morning. They currently have a $9.00 target price on the stock, up from their previous target price of $8.50.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

Other research analysts also recently issued research reports about the company. HC Wainwright reiterated a buy rating on shares of Rigel Pharmaceuticals in a research note on Thursday, September 15th. Piper Jaffray Cos. set a $11.00 price target on Rigel Pharmaceuticals and gave the stock a buy rating in a research note on Thursday, September 15th. 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. Zacks Investment Research upgraded Rigel Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, June 10th. Finally, BMO Capital Markets started coverage on Rigel Pharmaceuticals in a research note on Monday, August 1st. They set an outperform rating and a $4.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Rigel Pharmaceuticals currently has an average rating of Buy and a consensus target price of $6.79.

Rigel Pharmaceuticals (NASDAQ:RIGL) opened at 3.48 on Friday. The firm’s 50-day moving average price is $3.11 and its 200 day moving average price is $2.57. The firm’s market cap is $329.17 million. Rigel Pharmaceuticals has a 52 week low of $1.88 and a 52 week high of $4.06.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results 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. Rigel Pharmaceuticals had a negative return on equity of 59.78% and a negative net margin of 143.24%. The firm earned $8.60 million during the quarter, compared to analyst estimates of $3.75 million. During the same period last year, the firm posted ($0.16) EPS. The business’s revenue was up 65.4% compared to the same quarter last year. Equities analysts forecast that Rigel Pharmaceuticals will post ($0.77) earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Rigel Pharmaceuticals by 1.8% in the second quarter. FMR LLC now owns 13,821,657 shares of the company’s stock valued at $30,822,000 after buying an additional 238,273 shares during the last quarter. Palo Alto Investors LLC boosted its stake in Rigel Pharmaceuticals by 3.0% in the second quarter. Palo Alto Investors LLC now owns 5,386,534 shares of the company’s stock valued at $12,012,000 after buying an additional 155,615 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rigel Pharmaceuticals by 2.6% in the second quarter. Vanguard Group Inc. now owns 4,622,246 shares of the company’s stock valued at $10,308,000 after buying an additional 119,182 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Rigel Pharmaceuticals by 4.3% in the second quarter. BlackRock Fund Advisors now owns 3,575,734 shares of the company’s stock valued at $7,974,000 after buying an additional 147,872 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Rigel Pharmaceuticals by 0.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,248,858 shares of the company’s stock valued at $7,245,000 after buying an additional 23,484 shares during the last quarter. 88.50% of the stock is currently owned by hedge funds and other institutional investors.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN).

5 Day Chart for NASDAQ:RIGL

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