Rigel Pharmaceuticals Inc. (RIGL) Sees Unusually-High Trading Volume
Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) shares saw unusually-strong trading volume on Monday . Approximately 1,188,760 shares changed hands during mid-day trading, an increase of 7% from the previous session’s volume of 1,107,987 shares.The stock last traded at $2.65 and had previously closed at $2.61.
Several equities analysts have recently issued reports on RIGL shares. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 10th. Piper Jaffray Cos. started coverage on shares of Rigel Pharmaceuticals in a research note on Monday, June 13th. They issued an “overweight” rating and a $10.00 price objective on the stock. Jefferies Group reaffirmed a “buy” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Rigel Pharmaceuticals in a research note on Monday, May 16th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 3rd. Finally, HC Wainwright reissued a “buy” rating on shares of Rigel Pharmaceuticals in a research report on Thursday, August 4th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Rigel Pharmaceuticals has an average rating of “Buy” and a consensus price target of $5.96.
The company has a 50 day moving average of $2.57 and a 200-day moving average of $2.45. The company’s market capitalization is $249.71 million.
Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The company had revenue of $8.60 million for the quarter, compared to analyst estimates of $3.75 million. During the same quarter last year, the company earned ($0.16) EPS. The firm’s quarterly revenue was up 65.4% on a year-over-year basis. On average, equities analysts anticipate that Rigel Pharmaceuticals Inc. will post ($0.75) EPS for the current year.
An institutional investor recently raised its position in Rigel Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. increased its stake in Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) by 14.5% during the fourth quarter, according to its most recent 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 approximately 0.52% of Rigel Pharmaceuticals worth $1,396,000 as of its most recent filing with the SEC.
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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