Rigel Pharmaceuticals (RIGL) Upgraded by BidaskClub to “Buy”

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

A number of other research firms also recently weighed in on RIGL. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a research report on Saturday, November 11th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Rigel Pharmaceuticals in a research report on Monday, November 6th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $6.00 target price on shares of Rigel Pharmaceuticals in a research report on Thursday, December 21st. BMO Capital Markets reiterated a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a research note on Monday, October 2nd. Finally, Cantor Fitzgerald initiated coverage on shares of Rigel Pharmaceuticals in a research note on Thursday, December 14th. They issued an “overweight” rating and a $6.00 price target on the stock. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $5.54.

Rigel Pharmaceuticals (RIGL) traded down $0.09 during trading hours on Wednesday, hitting $4.32. 806,176 shares of the stock were exchanged, compared to its average volume of 1,620,000. The stock has a market cap of $619.93, a P/E ratio of -7.32 and a beta of 1.28. Rigel Pharmaceuticals has a 12-month low of $1.94 and a 12-month high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.01. The business had revenue of $0.90 million during the quarter. Rigel Pharmaceuticals’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.24) earnings per share. analysts predict that Rigel Pharmaceuticals will post -0.56 earnings per share for the current fiscal year.

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

A number of institutional investors and hedge funds have recently bought and sold shares of RIGL. Vanguard Group Inc. lifted its stake in Rigel Pharmaceuticals by 6.1% during the 2nd quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock valued at $16,489,000 after acquiring an additional 348,755 shares during the period. Wells Fargo & Company MN lifted its stake in Rigel Pharmaceuticals by 116.9% during the 3rd quarter. Wells Fargo & Company MN now owns 414,745 shares of the biotechnology company’s stock valued at $1,053,000 after acquiring an additional 223,528 shares during the period. B. Riley Financial Inc. bought a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $554,000. Paulson & CO. Inc. lifted its stake in Rigel Pharmaceuticals by 20.4% during the 2nd quarter. Paulson & CO. Inc. now owns 662,056 shares of the biotechnology company’s stock valued at $1,807,000 after acquiring an additional 112,056 shares during the period. Finally, Northern Trust Corp lifted its stake in Rigel Pharmaceuticals by 7.8% during the 2nd quarter. Northern Trust Corp now owns 1,467,524 shares of the biotechnology company’s stock valued at $4,006,000 after acquiring an additional 106,148 shares during the period. Institutional investors and hedge funds own 74.51% of the company’s stock.

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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.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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