Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a buy rating to a hold rating in a report released on Thursday.

A number of other research firms have also recently commented on RIGL. HC Wainwright reiterated a buy rating and set a $150.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday. Citigroup boosted their price objective on shares of Rigel Pharmaceuticals from $30.00 to $40.00 and gave the company a buy rating in a research report on Thursday, March 7th. B. Riley restated a neutral rating and set a $12.50 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Finally, Cantor Fitzgerald boosted their price target on Rigel Pharmaceuticals from $20.00 to $30.00 and gave the company a neutral rating in a report on Wednesday, March 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $58.13.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock opened at $9.53 on Thursday. Rigel Pharmaceuticals has a fifty-two week low of $7.12 and a fifty-two week high of $17.30. The business has a fifty day simple moving average of $9.95 and a 200-day simple moving average of $12.13.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.20). The company had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $31.28 million. During the same period in the prior year, the company earned ($0.80) EPS. On average, sell-side analysts expect that Rigel Pharmaceuticals will post -0.08 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bayesian Capital Management LP lifted its position in shares of Rigel Pharmaceuticals by 167.8% during the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 19,100 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Rigel Pharmaceuticals by 57.7% during the fourth quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock valued at $72,000 after acquiring an additional 18,180 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Rigel Pharmaceuticals by 24.2% during the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after acquiring an additional 49,223 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Rigel Pharmaceuticals by 49.1% in the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after acquiring an additional 198,712 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in Rigel Pharmaceuticals by 170.9% in the third quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 612,815 shares during the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company's commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.