Rigel Pharmaceuticals (NASDAQ:RIGL) Raised to Strong-Buy at StockNews.com

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Friday.

Other equities research analysts have also issued research reports about the stock. HC Wainwright reissued a “buy” rating and issued a $57.00 price objective on shares of Rigel Pharmaceuticals in a report on Tuesday, September 3rd. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.13.

Rigel Pharmaceuticals Price Performance

Shares of RIGL traded down $0.03 during mid-day trading on Friday, reaching $15.11. The stock had a trading volume of 67,281 shares, compared to its average volume of 151,327. Rigel Pharmaceuticals has a 52-week low of $7.12 and a 52-week high of $17.30. The business’s fifty day moving average is $14.06 and its 200 day moving average is $11.50. The firm has a market cap of $265.78 million, a price-to-earnings ratio of -17.57 and a beta of 0.94.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.31. The firm had revenue of $36.84 million during the quarter, compared to analysts’ expectations of $32.38 million. During the same period in the prior year, the company posted ($0.40) EPS. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bayesian Capital Management LP boosted its stake in shares of Rigel Pharmaceuticals by 167.8% in the first 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. Ground Swell Capital LLC purchased a new position in shares of Rigel Pharmaceuticals in the second quarter valued at approximately $141,000. BNP Paribas Financial Markets boosted its stake in shares of Rigel Pharmaceuticals by 24.2% in the first 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 boosted its stake in shares of Rigel Pharmaceuticals by 49.1% in the first 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, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Rigel Pharmaceuticals in the first quarter valued at approximately $2,012,000. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

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.