HC Wainwright set a $8.00 target price on Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note published on Tuesday morning. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other analysts have also weighed in on the stock. Cantor Fitzgerald set a $9.00 target price on shares of Rigel Pharmaceuticals and gave the stock a buy rating in a report on Monday, December 3rd. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a hold rating to a buy rating and set a $3.25 target price for the company in a report on Friday, November 30th. Finally, BidaskClub lowered shares of Rigel Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, October 24th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $7.59.

Rigel Pharmaceuticals stock opened at $2.71 on Tuesday. Rigel Pharmaceuticals has a 1-year low of $2.56 and a 1-year high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million for the quarter, compared to analysts’ expectations of $3.52 million. As a group, sell-side analysts forecast that Rigel Pharmaceuticals will post -0.43 earnings per share for the current fiscal year.

In other news, insider Nelson Cabatuan sold 10,000 shares of the stock in a transaction dated 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 directly owns 58 shares in the company, valued at $180.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Anne-Marie Duliege sold 153,000 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $3.50, for a total transaction of $535,500.00. Following the sale, the executive vice president now owns 115,500 shares of the company’s stock, valued at $404,250. The disclosure for this sale can be found here. Corporate insiders own 5.38% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of RIGL. Bank of Montreal Can purchased a new stake in Rigel Pharmaceuticals in the second quarter worth about $139,000. Canada Pension Plan Investment Board purchased a new stake in Rigel Pharmaceuticals in the second quarter worth about $142,000. BlueMountain Capital Management LLC purchased a new stake in Rigel Pharmaceuticals in the third quarter worth about $154,000. Cubist Systematic Strategies LLC lifted its holdings in Rigel Pharmaceuticals by 199.9% in the second quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock worth $171,000 after buying an additional 40,366 shares during the period. Finally, New Jersey Better Educational Savings Trust purchased a new stake in Rigel Pharmaceuticals in the third quarter worth about $193,000. Institutional investors and hedge funds own 94.12% of the company’s stock.

About Rigel Pharmaceuticals

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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Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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