Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned a consensus recommendation of “Buy” from the six brokerages that are currently covering the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $6.20.

Several analysts have commented on the stock. Zacks Investment Research lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, April 29th. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 3rd. Jefferies Group LLC reissued a “buy” rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 8th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $4.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 8th.

Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) traded up 1.3052% on Tuesday, reaching $2.5225. 207,993 shares of the company were exchanged. The company’s market capitalization is $308.84 million. The company’s 50-day moving average is $2.88 and its 200-day moving average is $2.67. Rigel Pharmaceuticals has a 52 week low of $1.94 and a 52 week high of $4.38.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. The firm had revenue of $3.58 million for the quarter, compared to analysts’ expectations of $4.30 million. Rigel Pharmaceuticals had a negative net margin of 255.84% and a negative return on equity of 86.54%. During the same period in the previous year, the company posted ($0.19) earnings per share. On average, equities analysts expect that Rigel Pharmaceuticals will post ($0.54) EPS for the current fiscal year.

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A number of institutional investors have recently added to or reduced their stakes in the stock. Palo Alto Investors LLC increased its position in shares of Rigel Pharmaceuticals by 1.9% in the first quarter. Palo Alto Investors LLC now owns 4,254,623 shares of the biotechnology company’s stock worth $14,083,000 after buying an additional 78,000 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Rigel Pharmaceuticals by 58.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 93,287 shares of the biotechnology company’s stock worth $309,000 after buying an additional 34,561 shares in the last quarter. Paulson & CO. Inc. increased its position in shares of Rigel Pharmaceuticals by 41.9% in the first quarter. Paulson & CO. Inc. now owns 550,000 shares of the biotechnology company’s stock worth $1,821,000 after buying an additional 162,303 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Rigel Pharmaceuticals by 32.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 268,000 shares of the biotechnology company’s stock worth $888,000 after buying an additional 66,400 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Rigel Pharmaceuticals by 32.9% in the first quarter. Geode Capital Management LLC now owns 1,012,241 shares of the biotechnology company’s stock worth $3,350,000 after buying an additional 250,569 shares in the last quarter. 72.23% of the stock is owned by institutional investors.

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 clinical studies of fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor in a range of indications.

12 Month Chart for NASDAQ:RIGL

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