StockNews.com Upgrades Rigel Pharmaceuticals (NASDAQ:RIGL) to Strong-Buy

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

RIGL has been the topic of a number of other reports. HC Wainwright reiterated a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 3rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 target price on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.13.

Rigel Pharmaceuticals Price Performance

RIGL opened at $15.11 on Friday. The firm has a 50 day simple moving average of $14.06 and a 200 day simple moving average of $11.49. Rigel Pharmaceuticals has a fifty-two week low of $7.12 and a fifty-two week high of $17.30. The company has a market cap of $265.78 million, a price-to-earnings ratio of -17.57 and a beta of 0.94.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.31. The business had revenue of $36.84 million for the quarter, compared to the consensus estimate of $32.38 million. During the same quarter in the previous year, the firm posted ($0.40) EPS. As a group, analysts expect that Rigel Pharmaceuticals will post -0.72 EPS for the current year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

Several large investors have recently made changes to their positions in the stock. Ground Swell Capital LLC acquired a new position in Rigel Pharmaceuticals in the 2nd quarter worth $141,000. Bayesian Capital Management LP grew its stake in shares of Rigel Pharmaceuticals by 167.8% during the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 19,100 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Rigel Pharmaceuticals by 24.2% in the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 49,223 shares during the last quarter. Los Angeles Capital Management LLC lifted its position 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 purchasing an additional 198,712 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Rigel Pharmaceuticals in the first quarter worth $2,012,000. 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.