Rigel Pharmaceuticals (NASDAQ:RIGL) Trading 6.3% Higher

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s stock price traded up 6.3% on Wednesday . The company traded as high as $2.41 and last traded at $2.36. 1,441,553 shares were traded during trading, a decline of 19% from the average session volume of 1,784,648 shares. The stock had previously closed at $2.22.

A number of analysts recently weighed in on RIGL shares. BidaskClub cut shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 21st. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.50 price objective on the stock in a report on Saturday, May 11th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Rigel Pharmaceuticals has an average rating of “Buy” and an average price target of $6.60.

The company has a current ratio of 5.33, a quick ratio of 5.29 and a debt-to-equity ratio of 0.26. The firm has a fifty day moving average price of $2.16. The stock has a market capitalization of $372.83 million, a price-to-earnings ratio of -5.36 and a beta of 1.14.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.02. The firm had revenue of $12.62 million during the quarter, compared to analyst estimates 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 prior year, the firm posted ($0.17) EPS. Analysts predict that Rigel Pharmaceuticals, Inc. will post -0.31 EPS for the current year.

In related news, CFO Dean L. Schorno bought 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was purchased at an average price of $2.13 per share, for a total transaction of $106,500.00. Following the transaction, the chief financial officer now directly owns 46,726 shares of the company’s stock, valued at approximately $99,526.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.96% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC grew its position in Rigel Pharmaceuticals by 0.3% in the 1st quarter. FMR LLC now owns 25,075,725 shares of the biotechnology company’s stock valued at $64,445,000 after buying an additional 79,717 shares in the last quarter. BlackRock Inc. boosted its position in shares of Rigel Pharmaceuticals by 0.7% during the 4th quarter. BlackRock Inc. now owns 13,724,460 shares of the biotechnology company’s stock valued at $31,567,000 after purchasing an additional 89,356 shares in the last quarter. Tamarack Advisers LP boosted its position in shares of Rigel Pharmaceuticals by 20.9% during the 4th quarter. Tamarack Advisers LP now owns 5,500,000 shares of the biotechnology company’s stock valued at $12,650,000 after purchasing an additional 950,000 shares in the last quarter. Sofinnova Investments Inc. boosted its position in shares of Rigel Pharmaceuticals by 3.7% during the 4th quarter. Sofinnova Investments Inc. now owns 3,382,174 shares of the biotechnology company’s stock valued at $7,778,000 after purchasing an additional 121,243 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of Rigel Pharmaceuticals by 9.3% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 2,478,000 shares of the biotechnology company’s stock valued at $5,699,000 after purchasing an additional 210,000 shares in the last quarter. Hedge funds and other institutional investors own 93.04% of the company’s stock.

Rigel Pharmaceuticals Company Profile (NASDAQ:RIGL)

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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