Rigel Pharmaceuticals (NASDAQ:RIGL) Upgraded to “Buy” at StockNews.com

Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other equities analysts also recently weighed in on the stock. Citigroup increased their price target on shares of Rigel Pharmaceuticals from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $150.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.13.

Rigel Pharmaceuticals Stock Down 8.2 %

Shares of Rigel Pharmaceuticals stock opened at $7.73 on Friday. The firm has a market capitalization of $135.74 million, a P/E ratio of -6.44 and a beta of 0.96. Rigel Pharmaceuticals has a 52 week low of $7.12 and a 52 week high of $17.30. The company has a 50 day moving average price of $9.64 and a 200 day moving average price of $11.96.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its 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 company 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 posted ($0.80) earnings per share. As a group, research analysts anticipate that Rigel Pharmaceuticals will post -1.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings 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. Acadian Asset Management LLC boosted its stake in shares of Rigel Pharmaceuticals by 18.2% during the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after acquiring an additional 843,419 shares in the last quarter. CM Management LLC grew its position in shares of Rigel Pharmaceuticals by 17.6% during the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after acquiring an additional 300,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Rigel Pharmaceuticals in the 1st quarter valued at about $2,012,000. Finally, 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 worth $1,049,000 after purchasing an additional 612,815 shares during the period. Institutional investors and hedge funds 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.