Rigel Pharmaceuticals, Inc. (RIGL) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have received a consensus rating of “Buy” from the six brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $6.20.
RIGL has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research note on Tuesday, May 2nd. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, May 3rd. Jefferies Group LLC restated a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 8th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $4.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, March 8th.
Large investors have recently bought and sold shares of the company. FMR LLC boosted its stake in Rigel Pharmaceuticals by 23.6% in the first quarter. FMR LLC now owns 18,335,735 shares of the biotechnology company’s stock worth $60,691,000 after buying an additional 3,502,456 shares during the last quarter. Wellington Management Group LLP boosted its stake in Rigel Pharmaceuticals by 31.1% in the first quarter. Wellington Management Group LLP now owns 13,843,629 shares of the biotechnology company’s stock worth $45,823,000 after buying an additional 3,282,390 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rigel Pharmaceuticals by 20.3% in the first quarter. Vanguard Group Inc. now owns 5,691,035 shares of the biotechnology company’s stock worth $18,837,000 after buying an additional 960,345 shares during the last quarter. Palo Alto Investors LLC boosted its stake in 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 during the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new stake in Rigel Pharmaceuticals during the first quarter worth approximately $5,935,000. Institutional investors and hedge funds own 89.84% of the company’s stock.
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Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by $0.01. Rigel Pharmaceuticals had a negative return on equity of 96.24% and a negative net margin of 354.14%. The firm had revenue of $3.58 million for the quarter, compared to the consensus estimate of $4.30 million. During the same period in the prior year, the business earned ($0.19) EPS.
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.
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