Rigel Pharmaceuticals (NASDAQ:RIGL) Receives Buy Rating from HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating restated by HC Wainwright in a research report issued on Wednesday, Benzinga reports. They presently have a $15.00 price objective on the biotechnology company’s stock.

Other research analysts have also recently issued research reports about the stock. B. Riley reaffirmed a “neutral” rating and issued a $1.25 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. StockNews.com lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Citigroup raised their price target on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Finally, Cantor Fitzgerald lifted their target price on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $5.81.

Rigel Pharmaceuticals Stock Performance

Rigel Pharmaceuticals stock traded down $0.14 during mid-day trading on Wednesday, reaching $1.06. 612,622 shares of the company were exchanged, compared to its average volume of 1,296,464. The firm has a market cap of $185.05 million, a P/E ratio of -7.03 and a beta of 1.06. The business has a fifty day moving average of $1.31 and a 200 day moving average of $1.21. Rigel Pharmaceuticals has a 12-month low of $0.71 and a 12-month high of $1.96.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $31.28 million. During the same quarter last year, the business posted ($0.08) EPS. Sell-side analysts predict that Rigel Pharmaceuticals will post -0.05 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC grew its holdings in shares of Rigel Pharmaceuticals by 57.7% in the fourth quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 18,180 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Rigel Pharmaceuticals by 1.7% in the third quarter. Acadian Asset Management LLC now owns 4,660,740 shares of the biotechnology company’s stock valued at $5,033,000 after purchasing an additional 79,228 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Rigel Pharmaceuticals by 22.0% in the third quarter. Principal Financial Group Inc. now owns 121,938 shares of the biotechnology company’s stock valued at $132,000 after purchasing an additional 21,962 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Rigel Pharmaceuticals by 28.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 105,067 shares of the biotechnology company’s stock valued at $113,000 after purchasing an additional 23,526 shares in the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of Rigel Pharmaceuticals by 170.9% in the third quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 612,815 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.