Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) dropped 5.7% during mid-day trading on Friday . The stock traded as low as $2.13 and last traded at $2.15, approximately 943,369 shares traded hands during mid-day trading. A decline of 43% from the average daily volume of 1,646,926 shares. The stock had previously closed at $2.28.
RIGL has been the subject of several research analyst reports. Cantor Fitzgerald reissued a “buy” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a report on Tuesday, May 7th. BidaskClub lowered shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, July 26th. Finally, Zacks Investment Research lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $6.65.
The company has a current ratio of 5.33, a quick ratio of 5.29 and a debt-to-equity ratio of 0.26. The business has a 50 day simple moving average of $2.40.
Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.02. The firm had revenue of $12.62 million during the quarter, compared to analyst estimates of $12.00 million. Rigel Pharmaceuticals had a negative net margin of 111.48% and a negative return on equity of 58.94%. During the same period in the prior year, the business earned ($0.17) EPS. As a group, equities research analysts predict that Rigel Pharmaceuticals, Inc. will post -0.31 EPS for the current year.
In related news, CFO Dean L. Schorno bought 50,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Wednesday, May 22nd. The stock was purchased at an average cost of $2.13 per share, with a total value of $106,500.00. Following the purchase, the chief financial officer now owns 46,726 shares in the company, valued at $99,526.38. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.96% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of RIGL. Swiss National Bank raised its position in shares of Rigel Pharmaceuticals by 10.9% in the second quarter. Swiss National Bank now owns 310,079 shares of the biotechnology company’s stock valued at $809,000 after purchasing an additional 30,500 shares during the period. Candriam Luxembourg S.C.A. raised its position in shares of Rigel Pharmaceuticals by 0.3% in the second quarter. Candriam Luxembourg S.C.A. now owns 2,485,450 shares of the biotechnology company’s stock valued at $14,275,000 after purchasing an additional 7,450 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Rigel Pharmaceuticals by 63.2% in the second quarter. DekaBank Deutsche Girozentrale now owns 102,000 shares of the biotechnology company’s stock valued at $250,000 after purchasing an additional 39,500 shares during the period. Quantitative Systematic Strategies LLC raised its position in shares of Rigel Pharmaceuticals by 82.9% in the second quarter. Quantitative Systematic Strategies LLC now owns 31,694 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 14,362 shares during the period. Finally, FMR LLC raised its position in shares of Rigel Pharmaceuticals by 0.3% in the first quarter. FMR LLC now owns 25,075,725 shares of the biotechnology company’s stock valued at $64,445,000 after purchasing an additional 79,717 shares during the period. Institutional investors own 93.04% of the company’s stock.
Rigel Pharmaceuticals Company Profile (NASDAQ:RIGL)
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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.
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