Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been given a consensus recommendation of “Hold” by the seven analysts that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $6.75.

Several research firms have recently weighed in on RIGL. Zacks Investment Research downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday. ValuEngine downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. BidaskClub downgraded shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. BMO Capital Markets reissued an “outperform” rating and set a $5.00 price objective (up from $4.00) on shares of Rigel Pharmaceuticals in a report on Monday, June 19th. Finally, HC Wainwright reissued a “buy” rating and set a $6.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, May 3rd.

A number of institutional investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC raised its position in shares of Rigel Pharmaceuticals by 11.3% in the first quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 3,118 shares during the last quarter. American International Group Inc. raised its position in Rigel Pharmaceuticals by 39.9% in the first quarter. American International Group Inc. now owns 74,900 shares of the biotechnology company’s stock valued at $248,000 after buying an additional 21,345 shares in the last quarter. State of Wisconsin Investment Board purchased a new position in Rigel Pharmaceuticals during the second quarter valued at about $232,000. Metropolitan Life Insurance Co. NY raised its position in 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 valued at $309,000 after buying an additional 34,561 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Rigel Pharmaceuticals by 68.6% in the first quarter. Wells Fargo & Company MN now owns 112,103 shares of the biotechnology company’s stock valued at $371,000 after buying an additional 45,600 shares in the last quarter. 88.59% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals (RIGL) traded down 5.81% on Tuesday, hitting $2.27. The company’s stock had a trading volume of 546,750 shares. The firm’s market cap is $282.37 million. The firm has a 50 day moving average of $2.61 and a 200 day moving average of $2.64. Rigel Pharmaceuticals has a 12 month low of $1.94 and a 12 month high of $4.38.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 105.86%. During the same quarter in the prior year, the company posted ($0.15) EPS. Equities research analysts forecast that Rigel Pharmaceuticals will post ($0.55) earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Rigel Pharmaceuticals, Inc. (RIGL) Receives Consensus Recommendation of “Hold” from Brokerages” was posted by American Banking News and is owned by of American Banking News. If you are viewing this story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The correct version of this story can be read at https://www.americanbankingnews.com/2017/08/08/rigel-pharmaceuticals-inc-rigl-receives-consensus-recommendation-of-hold-from-brokerages.html.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

Receive News & Ratings for Rigel Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.