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

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

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

Rigel Pharmaceuticals Price Performance

RIGL traded down $0.01 on Wednesday, reaching $0.99. The company’s stock had a trading volume of 373,388 shares, compared to its average volume of 1,318,072. The stock has a market cap of $172.94 million, a price-to-earnings ratio of -6.61 and a beta of 1.06. Rigel Pharmaceuticals has a 1 year low of $0.71 and a 1 year high of $1.96. The business’s 50 day moving average is $1.30 and its 200 day moving average is $1.21.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.05) earnings per share (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 quarter in the prior year, the firm earned ($0.08) EPS. As a group, research analysts forecast that Rigel Pharmaceuticals will post -0.05 earnings per share for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted 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 lifted 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. 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. Allspring Global Investments Holdings LLC lifted 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 lifted 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. Hedge funds and other institutional investors 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.