HC Wainwright Reiterates “$8.00” Price Target for Rigel Pharmaceuticals (RIGL)

HC Wainwright set a $8.00 price target on Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report released on Wednesday. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other brokerages have also issued reports on RIGL. ValuEngine raised Rigel Pharmaceuticals from a hold rating to a buy rating in a research report on Tuesday, August 28th. Citigroup began coverage on Rigel Pharmaceuticals in a research report on Monday, August 27th. They set a buy rating and a $8.50 target price for the company. Cantor Fitzgerald reaffirmed a buy rating and set a $9.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 8th. Zacks Investment Research raised Rigel Pharmaceuticals from a hold rating to a buy rating and set a $3.25 target price for the company in a research report on Wednesday. Finally, BidaskClub raised Rigel Pharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, September 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $7.59.

Shares of NASDAQ RIGL traded down $0.23 during mid-day trading on Wednesday, hitting $2.85. 2,645,999 shares of the stock traded hands, compared to its average volume of 1,862,379. Rigel Pharmaceuticals has a twelve month low of $2.56 and a twelve month high of $4.71. The company has a market cap of $522.63 million, a price-to-earnings ratio of -4.60 and a beta of 1.25.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million for the quarter, compared to analyst estimates of $3.52 million. Equities research analysts anticipate that Rigel Pharmaceuticals will post -0.5 EPS for the current year.

In other Rigel Pharmaceuticals news, EVP Eldon C. Mayer III acquired 100,000 shares of the stock in a transaction dated Thursday, August 23rd. The stock was purchased at an average cost of $2.82 per share, with a total value of $282,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Raul R. Rodriguez acquired 114,000 shares of the stock in a transaction dated Friday, August 17th. The stock was acquired at an average cost of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 314,000 shares of company stock valued at $907,820 and have sold 179,500 shares valued at $624,615. 5.38% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. FMR LLC raised its position in shares of Rigel Pharmaceuticals by 1.8% in the 3rd quarter. FMR LLC now owns 24,966,516 shares of the biotechnology company’s stock worth $80,143,000 after acquiring an additional 429,472 shares in the last quarter. BlackRock Inc. raised its position in shares of Rigel Pharmaceuticals by 1.8% in the 3rd quarter. BlackRock Inc. now owns 13,635,104 shares of the biotechnology company’s stock worth $43,767,000 after acquiring an additional 242,737 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in shares of Rigel Pharmaceuticals by 44.5% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 2,268,000 shares of the biotechnology company’s stock worth $7,280,000 after acquiring an additional 698,000 shares in the last quarter. Northern Trust Corp raised its position in shares of Rigel Pharmaceuticals by 12.4% in the 2nd quarter. Northern Trust Corp now owns 1,996,369 shares of the biotechnology company’s stock worth $5,650,000 after acquiring an additional 219,926 shares in the last quarter. Finally, Macquarie Group Ltd. raised its position in shares of Rigel Pharmaceuticals by 77.8% in the 2nd quarter. Macquarie Group Ltd. now owns 1,600,000 shares of the biotechnology company’s stock worth $4,528,000 after acquiring an additional 700,000 shares in the last quarter. 94.35% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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