Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $15.00 price objective on the biotechnology company’s stock.

RIGL has been the topic of a number of other reports. StockNews.com downgraded shares of Rigel Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, April 4th. Citigroup raised their target price on shares of Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a buy rating in a research note on Thursday, March 7th. B. Riley reaffirmed a neutral rating and issued a $1.25 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. Finally, Cantor Fitzgerald raised their target price on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the company a neutral rating in a research note on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Rigel Pharmaceuticals has an average rating of Hold and a consensus price target of $5.81.

Rigel Pharmaceuticals Trading Down 0.6 %

Shares of Rigel Pharmaceuticals stock traded down $0.01 on Wednesday, reaching $0.99. The stock had a trading volume of 373,388 shares, compared to its average volume of 1,318,072. Rigel Pharmaceuticals has a 1 year low of $0.71 and a 1 year high of $1.96. The company has a market cap of $172.94 million, a P/E ratio of -6.61 and a beta of 1.06. The business’s 50 day moving average is $1.30 and its two-hundred day moving average is $1.21.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of 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 worth $72,000 after purchasing an additional 18,180 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in 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 acquiring an additional 21,962 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in 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 acquiring an additional 23,526 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Rigel Pharmaceuticals by 24.2% during the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after buying an additional 49,223 shares during the period. Finally, Acadian Asset Management LLC lifted its position in Rigel Pharmaceuticals by 1.7% during 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 buying an additional 79,228 shares during the period. 66.23% of the stock is currently owned by institutional investors.

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.