Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Price Up 7.7%

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) rose 7.7% on Thursday . The company traded as high as $8.51 and last traded at $8.51. Approximately 35,362 shares were traded during trading, a decline of 75% from the average daily volume of 140,604 shares. The stock had previously closed at $7.90.

Analyst Upgrades and Downgrades

RIGL has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised their price objective on Rigel Pharmaceuticals from $20.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. B. Riley reaffirmed a “neutral” rating and set a $12.50 target price on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. StockNews.com downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $150.00 target price on shares of Rigel Pharmaceuticals in a research note on Tuesday. Finally, Citigroup lifted their target price on Rigel Pharmaceuticals from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $58.13.

Rigel Pharmaceuticals Stock Performance

The firm has a 50-day moving average price of $9.90 and a 200-day moving average price of $12.09.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results 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 firm had revenue of $29.53 million during the quarter, compared to the consensus estimate of $31.28 million. During the same quarter in the previous year, the business posted ($0.80) EPS. Sell-side analysts predict that Rigel Pharmaceuticals, Inc. will post -0.76 earnings per share for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several hedge funds have recently modified their holdings of RIGL. SG Americas Securities LLC grew its holdings in shares of Rigel Pharmaceuticals by 57.7% in the 4th quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock worth $72,000 after acquiring an additional 18,180 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Rigel Pharmaceuticals by 49.1% in the 1st 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 during the last quarter. GSA Capital Partners LLP grew its holdings in shares of Rigel Pharmaceuticals by 170.9% in the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock worth $1,049,000 after acquiring an additional 612,815 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after buying an additional 414,207 shares in the last quarter. Finally, Bayesian Capital Management LP grew its holdings 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 valued at $45,000 after buying an additional 19,100 shares in the last quarter. 66.23% of the stock is currently owned by institutional investors and hedge funds.

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.