Rigel Pharmaceuticals (NASDAQ:RIGL) Stock Rating Reaffirmed by Cantor Fitzgerald

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “neutral” rating reissued by equities researchers at Cantor Fitzgerald in a report issued on Friday, Benzinga reports. They presently have a $15.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 9.41% from the company’s previous close.

A number of other research firms have also recently weighed in on RIGL. HC Wainwright restated a “buy” rating and set a $57.00 price objective on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 3rd. StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, July 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.13.

Rigel Pharmaceuticals Stock Up 0.1 %

Shares of NASDAQ:RIGL traded up $0.02 during trading on Friday, hitting $13.71. 36,308 shares of the stock traded hands, compared to its average volume of 143,297. The company has a fifty day moving average price of $11.82 and a two-hundred day moving average price of $11.34. Rigel Pharmaceuticals has a 52-week low of $7.12 and a 52-week high of $17.30. The company has a market cap of $241.16 million, a price-to-earnings ratio of -11.42 and a beta of 0.93.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.31. The business had revenue of $36.84 million during the quarter, compared to analysts’ expectations of $32.38 million. During the same quarter last year, the firm earned ($0.40) earnings per share. On average, equities research analysts predict that Rigel Pharmaceuticals will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Rigel Pharmaceuticals in the 1st quarter worth $2,012,000. Acadian Asset Management LLC grew its holdings in shares of Rigel Pharmaceuticals by 18.2% in the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after purchasing an additional 843,419 shares during the period. Vanguard Group Inc. increased its position 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 purchasing an additional 414,207 shares during the last quarter. CM Management LLC increased its position in Rigel Pharmaceuticals by 17.6% during the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock worth $2,960,000 after purchasing an additional 300,000 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake 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. 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.