Rigel Pharmaceuticals' (RIGL) Buy Rating Reiterated at HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $15.00 price target on the biotechnology company's stock.

Several other research analysts have also recently issued reports on RIGL. Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a "neutral" rating in a report on Wednesday, March 6th. Citigroup raised their price target on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the company a "buy" rating in a report on Thursday, March 7th. B. Riley reaffirmed a "neutral" rating and set a $1.25 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. Finally, StockNews.com downgraded Rigel Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Thursday, April 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $5.81.

Rigel Pharmaceuticals Stock Performance

NASDAQ RIGL traded down $0.20 during trading on Wednesday, reaching $0.99. The company's stock had a trading volume of 3,544,731 shares, compared to its average volume of 1,330,607. The business's fifty day moving average price is $1.31 and its 200-day moving average price is $1.21. Rigel Pharmaceuticals has a twelve month low of $0.71 and a twelve month high of $1.96. The firm has a market cap of $174.05 million, a price-to-earnings ratio of -6.61 and a beta of 1.06.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $29.53 million during the quarter, compared to analysts' expectations of $31.28 million. During the same period in the previous year, the company posted ($0.08) earnings per share. As a group, sell-side analysts forecast that Rigel Pharmaceuticals will post -0.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC increased its position 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 buying an additional 79,228 shares in the last quarter. GSA Capital Partners LLP increased its holdings in Rigel Pharmaceuticals by 170.9% during the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company's stock valued at $1,049,000 after acquiring an additional 612,815 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Rigel Pharmaceuticals by 49.1% during the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company's stock worth $893,000 after acquiring an additional 198,712 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Rigel Pharmaceuticals by 24.2% in the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company's stock valued at $374,000 after purchasing an additional 49,223 shares in the last quarter. Finally, Principal Financial Group Inc. lifted 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. 66.23% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

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.