Rigel Pharmaceuticals, Inc. (RIGL) Receives Average Rating of “Buy” from Brokerages

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been given a consensus recommendation of “Buy” by the ten brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $8.21.

RIGL has been the topic of a number of research reports. BidaskClub downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, June 21st. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research note on Wednesday, July 4th. Cantor Fitzgerald restated a “buy” rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 8th. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Rigel Pharmaceuticals in a research note on Thursday, August 9th. Finally, Citigroup began coverage on shares of Rigel Pharmaceuticals in a research note on Monday, August 27th. They set a “buy” rating and a $8.50 price target for the company.

In other news, EVP Anne-Marie Duliege sold 16,500 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $3.51, for a total value of $57,915.00. Following the completion of the sale, the executive vice president now owns 16,500 shares in the company, valued at approximately $57,915. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Eldon C. Mayer III bought 100,000 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, September 11th. The stock was purchased at an average price of $3.26 per share, with a total value of $326,000.00. Following the purchase, the executive vice president now owns 165,000 shares in the company, valued at $537,900. The disclosure for this purchase can be found here. Insiders have acquired a total of 314,000 shares of company stock valued at $907,820 in the last 90 days. 5.38% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth $139,000. Canada Pension Plan Investment Board bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth $142,000. Cubist Systematic Strategies LLC grew its stake in shares of Rigel Pharmaceuticals by 199.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock worth $171,000 after acquiring an additional 40,366 shares in the last quarter. Lido Advisors LLC bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth $195,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth $232,000. Hedge funds and other institutional investors own 94.24% of the company’s stock.

Shares of Rigel Pharmaceuticals stock traded up $0.24 during trading on Wednesday, reaching $3.45. 360,697 shares of the company traded hands, compared to its average volume of 2,609,626. Rigel Pharmaceuticals has a 1-year low of $2.28 and a 1-year high of $4.71. The company has a market capitalization of $517.64 million, a PE ratio of -5.28 and a beta of 1.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.16). The company had revenue of $1.79 million for the quarter, compared to analyst estimates of $0.30 million. analysts anticipate that Rigel Pharmaceuticals will post -0.65 earnings per share for the current fiscal year.

About Rigel Pharmaceuticals

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's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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