Rigel Pharmaceuticals (NASDAQ:RIGL) Trading Down 11.5%

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)’s share price dropped 11.5% during trading on Tuesday . The stock traded as low as $4.08 and last traded at $4.08. Approximately 6,718,833 shares were traded during trading, an increase of 61% from the average daily volume of 4,171,146 shares. The stock had previously closed at $4.61.

RIGL has been the subject of several recent research reports. Zacks Investment Research lowered Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, January 20th. HC Wainwright raised their price objective on Rigel Pharmaceuticals from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, February 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Rigel Pharmaceuticals in a research report on Monday, November 9th. Finally, JPMorgan Chase & Co. lowered Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating in a research report on Monday, November 9th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $7.25.

The company has a quick ratio of 2.86, a current ratio of 2.92 and a debt-to-equity ratio of 0.39. The firm has a fifty day moving average price of $4.00 and a two-hundred day moving average price of $3.05. The stock has a market capitalization of $689.44 million, a P/E ratio of -27.80 and a beta of 1.48.

Large investors have recently modified their holdings of the company. Truist Financial Corp bought a new position in shares of Rigel Pharmaceuticals during the fourth quarter valued at $43,000. Pacer Advisors Inc. bought a new stake in Rigel Pharmaceuticals in the 4th quarter worth about $44,000. Providence Wealth Advisors LLC increased its holdings in Rigel Pharmaceuticals by 29.0% in the 3rd quarter. Providence Wealth Advisors LLC now owns 20,000 shares of the biotechnology company’s stock worth $48,000 after buying an additional 4,500 shares in the last quarter. Tri Locum Partners LP bought a new stake in Rigel Pharmaceuticals in the 4th quarter worth about $51,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in Rigel Pharmaceuticals in the 3rd quarter worth about $52,000. Hedge funds and other institutional investors own 82.04% 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 offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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