Cantor Fitzgerald reaffirmed their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a report released on Tuesday morning. Cantor Fitzgerald currently has a $7.00 target price on the biotechnology company’s stock.
“Commercial in 2018. With over 5,000 patient-years of treatment experience and a robust Phase 3 clinical package, we anticipate a positive decision in April. Rigel has begun pre-commercial activities for a potential launch and has outlined its plans for a full commercial team of 50-60 individuals. Based on the mixed efficacy of currently available treatments, fragmentation of the therapeutic landscape and concentration of prescribing physicians (3,000 hematologists and hematologist-oncologists), we believe Rigel will be successful at commercializing the drug.”,” Cantor Fitzgerald’s analyst wrote.
Several other research analysts also recently commented on the company. Zacks Investment Research raised Rigel Pharmaceuticals from a hold rating to a buy rating and set a $4.25 price objective on the stock in a research note on Saturday, November 11th. HC Wainwright set a $7.00 price objective on Rigel Pharmaceuticals and gave the stock a buy rating in a research note on Monday, December 11th. BidaskClub downgraded Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research note on Tuesday, December 19th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $6.00 price objective on shares of Rigel Pharmaceuticals in a research note on Thursday, December 21st. Finally, ValuEngine downgraded Rigel Pharmaceuticals from a hold rating to a sell rating in a research note on Friday, December 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $5.71.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, March 6th. The biotechnology company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.05). During the same period in the previous year, the company earned ($0.16) earnings per share. equities analysts predict that Rigel Pharmaceuticals will post -0.57 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its position in shares of Rigel Pharmaceuticals by 116.9% during the third quarter. Wells Fargo & Company MN now owns 414,745 shares of the biotechnology company’s stock worth $1,053,000 after purchasing an additional 223,528 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Rigel Pharmaceuticals by 24.6% during the second quarter. Alliancebernstein L.P. now owns 144,740 shares of the biotechnology company’s stock worth $395,000 after purchasing an additional 28,600 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Rigel Pharmaceuticals by 6.1% during the second quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after purchasing an additional 348,755 shares in the last quarter. Macquarie Group Ltd. grew its position in shares of Rigel Pharmaceuticals by 15.6% during the third quarter. Macquarie Group Ltd. now owns 734,088 shares of the biotechnology company’s stock worth $1,865,000 after purchasing an additional 99,088 shares in the last quarter. Finally, State Street Corp grew its position in shares of Rigel Pharmaceuticals by 4.3% during the second quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock worth $5,974,000 after purchasing an additional 90,640 shares in the last quarter. Hedge funds and other institutional investors own 92.82% of the company’s stock.
About Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.
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