Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Rating of “Buy” from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has earned a consensus rating of “Buy” from the seven analysts that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $6.60.

RIGL has been the subject of several research reports. Cantor Fitzgerald restated a “buy” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, May 7th. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.50 price target for the company in a research note on Saturday, May 11th. Finally, BidaskClub upgraded shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Tuesday, May 7th.

Rigel Pharmaceuticals stock traded down $0.02 during trading on Friday, hitting $2.10. The company had a trading volume of 12,774 shares, compared to its average volume of 1,388,422. Rigel Pharmaceuticals has a 1-year low of $1.96 and a 1-year high of $3.65. The company has a debt-to-equity ratio of 0.26, a quick ratio of 5.29 and a current ratio of 5.33. The company has a market capitalization of $342.75 million, a PE ratio of -4.80 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.02. The business had revenue of $12.62 million during the quarter, compared to the consensus estimate of $12.00 million. Rigel Pharmaceuticals had a negative net margin of 111.48% and a negative return on equity of 58.94%. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. As a group, equities research analysts forecast that Rigel Pharmaceuticals will post -0.31 earnings per share for the current year.

In other Rigel Pharmaceuticals news, CFO Dean L. Schorno purchased 50,000 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was acquired at an average price of $2.13 per share, for a total transaction of $106,500.00. Following the completion of the purchase, the chief financial officer now directly owns 46,726 shares in the company, valued at approximately $99,526.38. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.96% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Rigel Pharmaceuticals by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 378,254 shares of the biotechnology company’s stock worth $973,000 after purchasing an additional 11,023 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its position in shares of Rigel Pharmaceuticals by 30.9% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 47,031 shares of the biotechnology company’s stock worth $121,000 after purchasing an additional 11,092 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth $29,000. DekaBank Deutsche Girozentrale lifted its position in shares of Rigel Pharmaceuticals by 22.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,500 shares of the biotechnology company’s stock worth $207,000 after purchasing an additional 11,500 shares during the last quarter. Finally, HRT Financial LLC purchased a new stake in shares of Rigel Pharmaceuticals during the 4th quarter worth $28,000. 93.04% of the stock is owned by institutional investors and hedge funds.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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