Rigel Pharmaceuticals, Inc. (RIGL) Receives Consensus Rating of “Buy” from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned a consensus rating of “Buy” from the eight analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $7.20.

Several research firms have recently weighed in on RIGL. HC Wainwright lowered their price target on Rigel Pharmaceuticals from $7.00 to $6.70 and set a “buy” rating on the stock in a report on Tuesday, April 3rd. BidaskClub lowered Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Finally, Cantor Fitzgerald set a $6.00 price objective on Rigel Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday.

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Several large investors have recently bought and sold shares of RIGL. SG Americas Securities LLC increased its stake in shares of Rigel Pharmaceuticals by 415.2% in the 3rd quarter. SG Americas Securities LLC now owns 59,401 shares of the biotechnology company’s stock worth $151,000 after purchasing an additional 47,872 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Rigel Pharmaceuticals by 116.9% in the 3rd 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. Schwab Charles Investment Management Inc. increased its stake in Rigel Pharmaceuticals by 11.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 299,200 shares of the biotechnology company’s stock worth $1,161,000 after buying an additional 31,200 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Rigel Pharmaceuticals in the 4th quarter worth $181,000. Finally, Swiss National Bank purchased a new stake in Rigel Pharmaceuticals in the 4th quarter worth $891,000. Hedge funds and other institutional investors own 92.33% of the company’s stock.

Shares of NASDAQ RIGL traded down $0.17 during midday trading on Friday, hitting $3.89. 11,097,955 shares of the stock traded hands, compared to its average volume of 2,388,200. The stock has a market capitalization of $571.79, a price-to-earnings ratio of -6.55 and a beta of 1.32. Rigel Pharmaceuticals has a one year low of $2.14 and a one year high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.05). During the same quarter in the previous year, the company earned ($0.16) earnings per share. analysts expect that Rigel Pharmaceuticals will post -0.68 EPS for the current fiscal year.

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About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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