Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) gapped up before the market opened on Thursday . The stock had previously closed at $3.29, but opened at $3.14. Rigel Pharmaceuticals shares last traded at $3.11, with a volume of 98902 shares.

A number of equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Cantor Fitzgerald reiterated a “buy” rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, August 8th. HC Wainwright set a $8.00 price target on shares of Rigel Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, October 11th. Finally, BidaskClub downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. Rigel Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $7.59.

The firm has a market cap of $522.63 million, a PE ratio of -4.60 and a beta of 1.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $4.87 million during the quarter, compared to analysts’ expectations of $3.52 million. On average, sell-side analysts predict that Rigel Pharmaceuticals, Inc. will post -0.5 earnings per share for the current fiscal year.

In related news, EVP Anne-Marie Duliege sold 153,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $3.50, for a total value of $535,500.00. Following the completion of the sale, the executive vice president now directly owns 115,500 shares in the company, valued at $404,250. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Nelson Cabatuan sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, October 12th. The shares were sold at an average price of $3.12, for a total transaction of $31,200.00. Following the completion of the sale, the insider now owns 58 shares of the company’s stock, valued at $180.96. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 314,000 shares of company stock valued at $907,820 and sold 179,500 shares valued at $624,615. 5.38% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC lifted its position in Rigel Pharmaceuticals by 53.0% during the second quarter. MetLife Investment Advisors LLC now owns 101,362 shares of the biotechnology company’s stock valued at $287,000 after buying an additional 35,092 shares in the last quarter. UBS Group AG lifted its position in Rigel Pharmaceuticals by 107.0% during the first quarter. UBS Group AG now owns 423,414 shares of the biotechnology company’s stock valued at $1,499,000 after buying an additional 218,868 shares in the last quarter. BlackRock Inc. lifted its position in Rigel Pharmaceuticals by 20.9% during the second quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after buying an additional 2,312,498 shares in the last quarter. FMR LLC lifted its position in Rigel Pharmaceuticals by 11.1% during the second quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after buying an additional 2,448,925 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Rigel Pharmaceuticals during the second quarter valued at approximately $142,000. Hedge funds and other institutional investors own 94.35% of the company’s stock.

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About Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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