Rigel Pharmaceuticals’ (RIGL) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report released on Tuesday, Benzinga reports. HC Wainwright currently has a $150.00 price objective on the biotechnology company’s stock.

Other equities research analysts have also issued research reports about the stock. B. Riley reiterated a neutral rating and set a $12.50 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. Citigroup lifted their price objective on shares of Rigel Pharmaceuticals from $30.00 to $40.00 and gave the company a buy rating in a report on Thursday, March 7th. Cantor Fitzgerald lifted their price objective on shares of Rigel Pharmaceuticals from $20.00 to $30.00 and gave the company a neutral rating in a report on Wednesday, March 6th. Finally, StockNews.com upgraded shares of Rigel Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, May 9th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $58.13.

Rigel Pharmaceuticals Trading Up 1,106.2 %

Rigel Pharmaceuticals stock opened at $9.53 on Tuesday. The firm has a 50-day moving average price of $9.95 and a 200-day moving average price of $12.13. The firm has a market capitalization of $1.67 billion, a PE ratio of -79.42 and a beta of 1.04. Rigel Pharmaceuticals has a 12-month low of $7.12 and a 12-month high of $17.30.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.20). The firm had revenue of $29.53 million for the quarter, compared to analysts’ expectations of $31.28 million. During the same period in the previous year, the business earned ($0.80) EPS. As a group, sell-side analysts predict that Rigel Pharmaceuticals will post -0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bayesian Capital Management LP increased its position in Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 19,100 shares during the period. SG Americas Securities LLC increased its position in Rigel Pharmaceuticals by 57.7% during the 4th quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 18,180 shares during the period. BNP Paribas Financial Markets increased its position in Rigel Pharmaceuticals by 24.2% during the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 49,223 shares during the period. Los Angeles Capital Management LLC increased its position in Rigel Pharmaceuticals by 49.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock valued at $893,000 after purchasing an additional 198,712 shares during the period. Finally, GSA Capital Partners LLP grew its position in shares of Rigel Pharmaceuticals by 170.9% in the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock worth $1,049,000 after buying an additional 612,815 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.