Rigel Pharmaceuticals, Inc. (RIGL) Receives Outperform Rating from BMO Capital Markets

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL)‘s stock had its “outperform” rating reaffirmed by stock analysts at BMO Capital Markets in a research note issued to investors on Monday. They currently have a $5.00 price objective on the biotechnology company’s stock, up from their previous price objective of $4.00. BMO Capital Markets’ price target points to a potential upside of 79.86% from the stock’s current price.

Several other equities research analysts have also recently weighed in on RIGL. HC Wainwright reissued a “buy” rating and issued a $5.00 price target (down previously from $6.00) on shares of Rigel Pharmaceuticals in a research note on Thursday, March 9th. Zacks Investment Research raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research note on Saturday, March 11th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Rigel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $5.88.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (RIGL) traded up 11.20% during midday trading on Monday, hitting $2.78. The stock had a trading volume of 10,157,367 shares. The firm has a 50-day moving average price of $2.54 and a 200-day moving average price of $2.62. The firm’s market capitalization is $340.37 million. Rigel Pharmaceuticals has a 1-year low of $1.94 and a 1-year high of $4.38.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by $0.01. The company had revenue of $3.58 million during the quarter, compared to analyst estimates of $4.30 million. Rigel Pharmaceuticals had a negative net margin of 354.14% and a negative return on equity of 96.24%. During the same period in the previous year, the company posted ($0.19) EPS. On average, equities research analysts anticipate that Rigel Pharmaceuticals will post ($0.54) earnings per share for the current year.

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Large investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC boosted its stake in shares of Rigel Pharmaceuticals by 11.3% in the first quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 3,118 shares during the last quarter. American International Group Inc. boosted its stake in Rigel Pharmaceuticals by 39.9% in the first quarter. American International Group Inc. now owns 74,900 shares of the biotechnology company’s stock valued at $248,000 after buying an additional 21,345 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Rigel Pharmaceuticals by 58.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 93,287 shares of the biotechnology company’s stock valued at $309,000 after buying an additional 34,561 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Rigel Pharmaceuticals by 68.6% in the first quarter. Wells Fargo & Company MN now owns 112,103 shares of the biotechnology company’s stock valued at $371,000 after buying an additional 45,600 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Rigel Pharmaceuticals during the fourth quarter valued at approximately $459,000. 89.84% of the stock is owned by institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include clinical studies of fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor in a range of indications.

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