HC Wainwright Analysts Give Rigel Pharmaceuticals (RIGL) a $8.00 Price Target

HC Wainwright set a $8.00 price objective on Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note released on Tuesday. The firm currently has a buy rating on the biotechnology company’s stock.

Other equities analysts have also issued reports about the company. BidaskClub lowered Rigel Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, October 24th. Cantor Fitzgerald restated a buy rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 8th. Zacks Investment Research lowered Rigel Pharmaceuticals from a buy rating to a hold rating in a research report on Saturday, November 17th. Finally, Citigroup assumed coverage on Rigel Pharmaceuticals in a research report on Monday, August 27th. They set a buy rating and a $8.50 price target on the stock. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $7.59.

RIGL opened at $2.82 on Tuesday. Rigel Pharmaceuticals has a 1 year low of $2.56 and a 1 year high of $4.71. The company has a market cap of $478.26 million, a P/E ratio of -4.55 and a beta of 1.32.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $4.87 million for the quarter, compared to the consensus estimate of $3.52 million. On average, analysts predict that Rigel Pharmaceuticals will post -0.43 earnings per share for the current year.

In other news, EVP Anne-Marie Duliege sold 153,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $3.50, for a total value of $535,500.00. Following the sale, the executive vice president now directly owns 115,500 shares in the company, valued at approximately $404,250. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Nelson Cabatuan sold 10,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Friday, October 12th. The stock was sold at an average price of $3.12, for a total value of $31,200.00. Following the completion of the sale, the insider now owns 58 shares in the company, valued at $180.96. The disclosure for this sale can be found here. 5.38% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of RIGL. Bank of Montreal Can bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth approximately $139,000. Canada Pension Plan Investment Board bought a new stake in shares of Rigel Pharmaceuticals in the 2nd quarter worth approximately $142,000. BlueMountain Capital Management LLC bought a new stake in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $154,000. Cubist Systematic Strategies LLC grew its position 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 buying an additional 40,366 shares during the last quarter. Finally, New Jersey Better Educational Savings Trust purchased a new position in shares of Rigel Pharmaceuticals in the 3rd quarter valued at approximately $193,000. Hedge funds and other institutional investors own 94.12% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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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