Rigel Pharmaceuticals (RIGL) Given a $9.00 Price Target by Cantor Fitzgerald Analysts

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Cantor Fitzgerald set a $9.00 target price on Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note published on Monday morning. The firm currently has a buy rating on the biotechnology company’s stock.

Other equities analysts have also recently issued research reports about the stock. BidaskClub cut shares of Rigel Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, October 24th. Zacks Investment Research cut shares of Rigel Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, July 25th. Citigroup assumed coverage on shares of Rigel Pharmaceuticals in a research note on Monday, August 27th. They issued a buy rating and a $8.50 price objective on the stock. Finally, HC Wainwright set a $8.00 price objective on shares of Rigel Pharmaceuticals and gave the stock a buy rating in a research note on Friday, October 5th. Two research analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $7.59.

Shares of NASDAQ:RIGL opened at $2.80 on Monday. Rigel Pharmaceuticals has a twelve month low of $2.56 and a twelve month high of $4.71. The company has a market capitalization of $472.70 million, a PE ratio of -4.58 and a beta of 1.07.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.16). The business had revenue of $1.79 million during the quarter, compared to the consensus estimate of $0.30 million. On average, research analysts expect that Rigel Pharmaceuticals will post -0.64 earnings per share for the current fiscal year.

In other Rigel Pharmaceuticals news, EVP Anne-Marie Duliege sold 16,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $3.51, for a total transaction of $57,915.00. Following the sale, the executive vice president now owns 16,500 shares in the company, valued at approximately $57,915. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nelson Cabatuan sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 12th. The stock was sold at an average price of $3.12, for a total transaction of $31,200.00. Following the sale, the insider now owns 58 shares in the company, valued at approximately $180.96. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 314,000 shares of company stock worth $907,820 and have sold 179,500 shares worth $624,615. 5.38% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in Rigel Pharmaceuticals by 11.1% during the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock worth $69,440,000 after acquiring an additional 2,448,925 shares during the period. BlackRock Inc. raised its stake in Rigel Pharmaceuticals by 20.9% during the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock worth $37,901,000 after acquiring an additional 2,312,498 shares during the period. Northern Trust Corp raised its stake in Rigel Pharmaceuticals by 12.4% during the 2nd quarter. Northern Trust Corp now owns 1,996,369 shares of the biotechnology company’s stock worth $5,650,000 after acquiring an additional 219,926 shares during the period. Macquarie Group Ltd. raised its stake in Rigel Pharmaceuticals by 77.8% during the 2nd quarter. Macquarie Group Ltd. now owns 1,600,000 shares of the biotechnology company’s stock worth $4,528,000 after acquiring an additional 700,000 shares during the period. Finally, Stonepine Capital Management LLC bought a new stake in Rigel Pharmaceuticals during the 2nd quarter worth approximately $4,235,000. Institutional investors own 94.34% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.

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Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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