Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned an average rating of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $9.50.

A number of equities research analysts have commented on RIGL shares. Zacks Investment Research cut shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 8th. HC Wainwright reiterated a “buy” rating and set a $11.00 price objective on shares of Rigel Pharmaceuticals in a report on Thursday, March 11th. Finally, TheStreet upgraded shares of Rigel Pharmaceuticals from a “d” rating to a “c” rating in a report on Monday, May 10th.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Rigel Pharmaceuticals by 0.6% during the first quarter. BlackRock Inc. now owns 17,603,163 shares of the biotechnology company’s stock valued at $60,203,000 after buying an additional 109,743 shares during the last quarter. Tamarack Advisers LP grew its holdings in shares of Rigel Pharmaceuticals by 12.1% during the first quarter. Tamarack Advisers LP now owns 8,350,000 shares of the biotechnology company’s stock valued at $28,557,000 after buying an additional 900,000 shares during the last quarter. Morgan Stanley lifted its position in shares of Rigel Pharmaceuticals by 80.4% during the fourth quarter. Morgan Stanley now owns 5,225,303 shares of the biotechnology company’s stock valued at $18,288,000 after purchasing an additional 2,329,590 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Rigel Pharmaceuticals during the first quarter valued at about $16,608,000. Finally, Millennium Management LLC lifted its position in shares of Rigel Pharmaceuticals by 257.7% during the first quarter. Millennium Management LLC now owns 3,678,755 shares of the biotechnology company’s stock valued at $12,581,000 after purchasing an additional 2,650,275 shares in the last quarter. Hedge funds and other institutional investors own 84.73% of the company’s stock.

NASDAQ:RIGL traded down $0.21 during trading hours on Friday, reaching $3.97. The company had a trading volume of 59,423 shares, compared to its average volume of 3,335,739. The company has a current ratio of 3.78, a quick ratio of 3.65 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $675.55 million, a price-to-earnings ratio of -56.42 and a beta of 1.51. The stock has a 50-day moving average price of $3.63. Rigel Pharmaceuticals has a twelve month low of $1.74 and a twelve month high of $5.50.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Wednesday, May 5th. The biotechnology company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.21. The business had revenue of $81.02 million during the quarter, compared to analysts’ expectations of $40.06 million. Rigel Pharmaceuticals had a negative net margin of 8.58% and a negative return on equity of 20.29%. As a group, equities analysts predict that Rigel Pharmaceuticals will post -0.05 EPS for the current year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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