Rigel Pharmaceuticals (RIGL) Receives “Overweight” Rating from Piper Jaffray Companies

Piper Jaffray Companies reissued their overweight rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report released on Thursday morning. They currently have a $6.00 price objective on the biotechnology company’s stock.

Several other equities analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, October 4th. ValuEngine lowered shares of Rigel Pharmaceuticals from a sell rating to a strong sell rating in a report on Wednesday, September 6th. Cantor Fitzgerald began coverage on shares of Rigel Pharmaceuticals in a report on Thursday, December 14th. They set an overweight rating and a $6.00 target price for the company. HC Wainwright set a $7.00 target price on shares of Rigel Pharmaceuticals and gave the company a buy rating in a report on Monday, December 11th. Finally, BMO Capital Markets reiterated a buy rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company. Rigel Pharmaceuticals presently has a consensus rating of Buy and an average price target of $5.54.

Rigel Pharmaceuticals (NASDAQ RIGL) traded up $0.12 during trading on Thursday, reaching $3.47. The company’s stock had a trading volume of 970,800 shares, compared to its average volume of 1,254,965. Rigel Pharmaceuticals has a fifty-two week low of $1.94 and a fifty-two week high of $4.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The business had revenue of $0.90 million for the quarter. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. The business’s revenue was down 76.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.24) earnings per share. equities research analysts anticipate that Rigel Pharmaceuticals will post -0.56 earnings per share for the current year.

In other news, CFO Ryan D. Maynard sold 100,000 shares of Rigel Pharmaceuticals stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $3.90, for a total transaction of $390,000.00. Following the completion of the transaction, the chief financial officer now directly owns 100,000 shares in the company, valued at $390,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.21% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Macquarie Group Ltd. raised its holdings in Rigel Pharmaceuticals by 19.3% in the 2nd quarter. Macquarie Group Ltd. now owns 635,000 shares of the biotechnology company’s stock worth $1,734,000 after acquiring an additional 102,792 shares during the last quarter. Marshall Wace North America L.P. raised its holdings in Rigel Pharmaceuticals by 0.5% in the 2nd quarter. Marshall Wace North America L.P. now owns 1,988,193 shares of the biotechnology company’s stock worth $5,965,000 after acquiring an additional 9,867 shares during the last quarter. Nationwide Fund Advisors raised its holdings in Rigel Pharmaceuticals by 20.0% in the 2nd quarter. Nationwide Fund Advisors now owns 247,659 shares of the biotechnology company’s stock worth $676,000 after acquiring an additional 41,355 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Rigel Pharmaceuticals by 24.6% in the 2nd quarter. Alliancebernstein L.P. now owns 144,740 shares of the biotechnology company’s stock worth $395,000 after acquiring an additional 28,600 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Rigel Pharmaceuticals by 6.1% in the 2nd quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after acquiring an additional 348,755 shares during the last quarter. Hedge funds and other institutional investors own 74.51% of the company’s stock.

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Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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