Rigel Pharmaceuticals (NASDAQ:RIGL) Rating Reiterated by HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research note issued on Friday, Benzinga reports. They currently have a $57.00 target price on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 295.01% from the company’s previous close.

Several other equities analysts have also recently weighed in on RIGL. StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.13.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $14.43 on Friday. The firm’s fifty day moving average is $14.27 and its two-hundred day moving average is $11.54. The firm has a market cap of $253.36 million, a PE ratio of -12.03 and a beta of 0.94. Rigel Pharmaceuticals has a twelve month low of $7.12 and a twelve month high of $17.30.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.31. The business had revenue of $36.84 million for the quarter, compared to analyst estimates of $32.38 million. During the same period in the previous year, the business posted ($0.40) EPS. Equities analysts forecast that Rigel Pharmaceuticals will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets raised its position in Rigel Pharmaceuticals by 24.2% in the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after buying an additional 49,223 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after acquiring an additional 414,207 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Rigel Pharmaceuticals by 18.2% in the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after purchasing an additional 843,419 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Rigel Pharmaceuticals in the first quarter worth $2,012,000. Finally, CM Management LLC boosted its holdings in Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after purchasing an additional 300,000 shares during the last quarter. 66.23% of the stock is owned by institutional investors and hedge funds.

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.