Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) was up 2.6% during mid-day trading on Tuesday . The stock traded as high as $3.52 and last traded at $3.51, with a volume of 550,291 shares. The stock had previously closed at $3.42.

Several equities research analysts recently issued reports on RIGL shares. Piper Jaffray Cos. raised their target price on shares of Rigel Pharmaceuticals from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 30th. BMO Capital Markets started coverage on shares of Rigel Pharmaceuticals in a research report on Monday, August 1st. They issued an “outperform” rating and a $4.00 target price on the stock. HC Wainwright started coverage on shares of Rigel Pharmaceuticals in a research report on Wednesday, July 13th. They issued a “buy” rating and a $6.00 target price on the stock. JPMorgan Chase & Co. reissued a “buy” rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 3rd. Finally, Jefferies Group reissued a “buy” rating and issued a $9.00 target price (up from $8.50) on shares of Rigel Pharmaceuticals in a research report on Friday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Rigel Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $6.79.

The firm’s 50-day moving average price is $3.08 and its 200 day moving average price is $2.56. The firm’s market cap is $331.06 million.

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Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.05. Rigel Pharmaceuticals had a negative net margin of 143.24% and a negative return on equity of 59.78%. The firm had revenue of $8.60 million for the quarter, compared to analysts’ expectations of $3.75 million. During the same period in the previous year, the business earned ($0.16) earnings per share. Rigel Pharmaceuticals’s revenue for the quarter was up 65.4% compared to the same quarter last year. Equities analysts predict that Rigel Pharmaceuticals Inc. will post ($0.77) EPS for the current year.

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in shares of Rigel Pharmaceuticals by 38.0% in the first quarter. Goldman Sachs Group Inc. now owns 81,900 shares of the company’s stock valued at $170,000 after buying an additional 22,543 shares during the period. Geode Capital Management LLC increased its stake in Rigel Pharmaceuticals by 11.5% in the first quarter. Geode Capital Management LLC now owns 731,016 shares of the company’s stock valued at $1,520,000 after buying an additional 75,321 shares during the last quarter. Rhenman & Partners Asset Management AB increased its stake in Rigel Pharmaceuticals by 0.7% in the first quarter. Rhenman & Partners Asset Management AB now owns 850,000 shares of the company’s stock valued at $1,768,000 after buying an additional 5,687 shares during the last quarter. Strs Ohio increased its stake in Rigel Pharmaceuticals by 8.4% in the second quarter. Strs Ohio now owns 211,300 shares of the company’s stock valued at $471,000 after buying an additional 16,300 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in Rigel Pharmaceuticals by 1.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 67,993 shares of the company’s stock valued at $141,000 after buying an additional 810 shares during the last quarter. Hedge funds and other institutional investors own 88.50% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN).

5 Day Chart for NASDAQ:RIGL

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