Rigel Pharmaceuticals (RIGL) PT Set at $7.00 by HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL) has been given a $7.00 price target by investment analysts at HC Wainwright in a note issued to investors on Friday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective suggests a potential upside of 65.48% from the stock’s previous close.

A number of other analysts have also recently commented on the company. BidaskClub upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Piper Jaffray Companies reiterated an “overweight” rating and set a $6.00 price objective on shares of Rigel Pharmaceuticals in a research report on Thursday, December 21st. ValuEngine cut Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Cantor Fitzgerald assumed coverage on Rigel Pharmaceuticals in a research report on Thursday, December 14th. They set an “overweight” rating and a $6.00 price objective for the company. Finally, Zacks Investment Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a research report on Saturday, November 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Rigel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $5.54.

Shares of Rigel Pharmaceuticals (RIGL) traded up $0.14 during trading hours on Friday, hitting $4.23. The stock had a trading volume of 1,389,880 shares, compared to its average volume of 1,620,000. The company has a market capitalization of $640.87, a P/E ratio of -7.17 and a beta of 1.28. Rigel Pharmaceuticals has a 1 year low of $1.94 and a 1 year high of $4.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $0.90 million for the quarter. Rigel Pharmaceuticals’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. equities analysts expect that Rigel Pharmaceuticals will post -0.56 earnings per share for the current fiscal year.

In other Rigel Pharmaceuticals news, CFO Ryan D. Maynard sold 100,000 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $3.90, for a total value of $390,000.00. Following the completion of the sale, the chief financial officer now owns 100,000 shares in the company, valued at $390,000. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 5.21% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. AXA purchased a new stake in Rigel Pharmaceuticals in the second quarter worth about $122,000. Voya Investment Management LLC increased its position in Rigel Pharmaceuticals by 30.4% in the second quarter. Voya Investment Management LLC now owns 53,661 shares of the biotechnology company’s stock worth $146,000 after buying an additional 12,500 shares in the last quarter. SG Americas Securities LLC increased its position in Rigel Pharmaceuticals by 415.2% in the third quarter. SG Americas Securities LLC now owns 59,401 shares of the biotechnology company’s stock worth $151,000 after buying an additional 47,872 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Rigel Pharmaceuticals by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 99,023 shares of the biotechnology company’s stock worth $270,000 after buying an additional 13,838 shares in the last quarter. Finally, Rhumbline Advisers increased its position in Rigel Pharmaceuticals by 6.0% in the second quarter. Rhumbline Advisers now owns 139,814 shares of the biotechnology company’s stock worth $382,000 after buying an additional 7,910 shares in the last quarter. Institutional investors and hedge funds own 74.51% of the company’s stock.

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About Rigel Pharmaceuticals

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.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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