HC Wainwright Reaffirms Buy Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

HC Wainwright reiterated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a report issued on Tuesday, Benzinga reports. They currently have a $150.00 price target on the biotechnology company’s stock.

Several other brokerages also recently commented on RIGL. Cantor Fitzgerald boosted their price objective on shares of Rigel Pharmaceuticals from $20.00 to $30.00 and gave the company a neutral rating in a research report on Wednesday, March 6th. Citigroup boosted their price objective on shares of Rigel Pharmaceuticals from $30.00 to $40.00 and gave the company a buy rating in a research report on Thursday, March 7th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a hold rating to a buy rating in a research report on Thursday, May 9th. Finally, B. Riley restated a neutral rating and set a $12.50 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $58.13.

Rigel Pharmaceuticals Trading Up 1,106.2 %

NASDAQ RIGL opened at $9.53 on Tuesday. Rigel Pharmaceuticals has a 1-year low of $7.12 and a 1-year high of $17.30. The company has a 50 day moving average of $9.95 and a 200-day moving average of $12.13. The company has a market cap of $1.67 billion, a price-to-earnings ratio of -79.42 and a beta of 1.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.20). The firm had revenue of $29.53 million for the quarter, compared to the consensus estimate of $31.28 million. During the same period last year, the firm posted ($0.80) EPS. On average, equities research analysts forecast that Rigel Pharmaceuticals will post -0.08 earnings per share for the current year.

Institutional Trading of Rigel Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC grew its stake 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. Los Angeles Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 49.1% in the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 198,712 shares during the last quarter. GSA Capital Partners LLP grew its stake 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 worth $1,049,000 after purchasing an additional 612,815 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rigel Pharmaceuticals by 4.6% in the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after purchasing an additional 414,207 shares during the last quarter. Finally, Bayesian Capital Management LP grew its stake in shares of Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 19,100 shares during the last quarter. Institutional investors own 66.23% of the company’s stock.

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.