Rigel Pharmaceuticals (NASDAQ:RIGL) Shares Gap Down to $9.53

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares gapped down before the market opened on Friday . The stock had previously closed at $9.53, but opened at $9.29. Rigel Pharmaceuticals shares last traded at $9.55, with a volume of 11,981 shares traded.

Analyst Ratings Changes

Several analysts have issued reports on the stock. StockNews.com lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday. Cantor Fitzgerald upped 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 issued a $12.50 price objective on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. HC Wainwright reissued a “buy” rating and set a $150.00 target price on shares of Rigel Pharmaceuticals in a report on Tuesday, June 25th. Finally, Citigroup raised their price target on Rigel Pharmaceuticals from $30.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $58.13.

Rigel Pharmaceuticals Stock Down 13.7 %

The business has a fifty day moving average price of $9.90 and a 200-day moving average price of $12.09. The company has a market cap of $144.34 million, a P/E ratio of -6.85 and a beta of 1.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.20). The business had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $31.28 million. During the same quarter last year, the firm earned ($0.80) EPS. As a group, research analysts expect that Rigel Pharmaceuticals, Inc. will post -0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP raised its holdings in Rigel Pharmaceuticals by 170.9% in the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after acquiring an additional 612,815 shares in the last quarter. SG Americas Securities LLC raised its stake in Rigel Pharmaceuticals by 57.7% in the fourth quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 18,180 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in Rigel Pharmaceuticals by 49.1% during the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 198,712 shares during the period. BNP Paribas Financial Markets lifted its position in 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 purchasing an additional 49,223 shares during the period. Finally, Vanguard Group Inc. grew its stake in Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after buying an additional 414,207 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.