Rigel Pharmaceuticals (NASDAQ:RIGL) Earns Buy Rating from HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued on Friday,Benzinga reports. They currently have a $57.00 price target on the biotechnology company’s stock. HC Wainwright’s target price would indicate a potential upside of 95.27% from the stock’s previous close.

Other analysts have also issued research reports about the company. Zacks Research lowered Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Wall Street Zen lowered Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Finally, Citigroup reaffirmed a “buy” rating and issued a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a report on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $54.50.

Rigel Pharmaceuticals Stock Up 1.3%

Rigel Pharmaceuticals stock opened at $29.19 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.48 and a debt-to-equity ratio of 0.04. Rigel Pharmaceuticals has a 12 month low of $18.14 and a 12 month high of $52.24. The firm has a market cap of $540.02 million, a price-to-earnings ratio of 1.56 and a beta of 1.21. The stock has a fifty day simple moving average of $28.52 and a two-hundred day simple moving average of $35.46.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The firm had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. Equities analysts predict that Rigel Pharmaceuticals will post 3.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of RIGL. State Street Corp lifted its position in Rigel Pharmaceuticals by 96.9% during the fourth quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock valued at $46,737,000 after purchasing an additional 536,905 shares in the last quarter. LSV Asset Management lifted its position in Rigel Pharmaceuticals by 390.8% during the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after purchasing an additional 433,382 shares in the last quarter. Millennium Management LLC lifted its position in Rigel Pharmaceuticals by 309.7% during the fourth quarter. Millennium Management LLC now owns 431,460 shares of the biotechnology company’s stock valued at $18,479,000 after purchasing an additional 326,159 shares in the last quarter. Marshall Wace LLP lifted its position in Rigel Pharmaceuticals by 63.0% during the third quarter. Marshall Wace LLP now owns 601,333 shares of the biotechnology company’s stock valued at $17,036,000 after purchasing an additional 232,383 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Rigel Pharmaceuticals by 110.6% during the third quarter. Qube Research & Technologies Ltd now owns 360,966 shares of the biotechnology company’s stock valued at $10,226,000 after purchasing an additional 189,542 shares in the last quarter. 66.23% of the stock is currently owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.

Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).