Rigel Pharmaceuticals, Inc. (RIGL) Stock Rating Reaffirmed by Jefferies Group
Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)‘s stock had its “buy” rating restated by stock analysts at Jefferies Group in a report released on Wednesday. They currently have a $5.00 price target on the stock. Jefferies Group’s price objective would indicate a potential upside of 106.61% from the company’s current price.
The analysts wrote, “Despite mixed fosta Ph3 data in ITP, RIGL is on track to file an IND in 1Q17 based on its discussion with its regulatory consultant & no FDA objection to date. Key catalysts include: (1) FDA decision on acceptance of fosta NDA by ~May 2017, & (2) AdComm outcome (if NDA accepted) in ~Sept./Oct.””
RIGL has been the subject of several other research reports. Piper Jaffray Companies reissued an “overweight” rating and set a $11.00 target price on shares of Rigel Pharmaceuticals in a research note on Saturday, October 22nd. Zacks Investment Research cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, December 7th. Finally, HC Wainwright restated a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Wednesday, November 2nd. One 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 a consensus target price of $5.96.
Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) traded up 2.89% on Wednesday, reaching $2.49. The company had a trading volume of 80,744 shares. The company’s market capitalization is $246.35 million. The company has a 50 day moving average of $2.58 and a 200-day moving average of $2.82. Rigel Pharmaceuticals has a 52 week low of $1.88 and a 52 week high of $4.38.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, November 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by $0.01. The business had revenue of $3.76 million for the quarter, compared to analyst estimates of $3.97 million. Rigel Pharmaceuticals had a negative return on equity of 86.54% and a negative net margin of 255.84%. Rigel Pharmaceuticals’s revenue was down 71.1% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. Analysts predict that Rigel Pharmaceuticals will post ($0.74) earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. bought a new position in Rigel Pharmaceuticals during the second quarter worth about $3,543,000. Ghost Tree Capital LLC bought a new position in Rigel Pharmaceuticals during the second quarter worth about $1,784,000. Price T Rowe Associates Inc. MD raised its position in Rigel Pharmaceuticals by 363.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 974,365 shares of the company’s stock worth $3,576,000 after buying an additional 764,005 shares during the period. Candriam Luxembourg S.C.A. bought a new position in Rigel Pharmaceuticals during the third quarter worth about $2,661,000. Finally, Boxer Capital LLC bought a new position in Rigel Pharmaceuticals during the second quarter worth about $1,561,000. Institutional investors and hedge funds own 87.72% of the company’s stock.
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).
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