Rigel Pharmaceuticals (NASDAQ:RIGL) Receives “Buy” Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note released on Tuesday morning, Benzinga reports. They currently have a $15.00 price target on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald upped their target price on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the company a neutral rating in a research report on Wednesday, March 6th. Citigroup increased their price target on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a buy rating in a research report on Thursday, March 7th. B. Riley reissued a neutral rating and set a $1.25 price target on shares of Rigel Pharmaceuticals in a research report on Wednesday, March 6th. Finally, StockNews.com raised Rigel Pharmaceuticals from a hold rating to a buy rating in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $5.81.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $0.84 on Tuesday. Rigel Pharmaceuticals has a 52-week low of $0.71 and a 52-week high of $1.73. The firm has a market capitalization of $147.82 million, a PE ratio of -7.02 and a beta of 1.04. The business’s 50-day simple moving average is $1.00 and its 200 day simple moving average is $1.22.

Rigel Pharmaceuticals’s stock is scheduled to reverse split before the market opens on Thursday, June 27th. The 1-10 reverse split was announced on Thursday, June 27th. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, June 27th.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $31.28 million. During the same quarter last year, the company earned ($0.08) EPS. On average, research analysts forecast that Rigel Pharmaceuticals will post -0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bayesian Capital Management LP lifted its stake in shares of Rigel Pharmaceuticals by 167.8% in the 1st quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after acquiring an additional 19,100 shares during the last quarter. SG Americas Securities LLC raised its position in Rigel Pharmaceuticals by 57.7% during the 4th quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock worth $72,000 after purchasing an additional 18,180 shares during the last quarter. BNP Paribas Financial Markets raised its position in Rigel Pharmaceuticals by 24.2% during the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after purchasing an additional 49,223 shares during the last quarter. Los Angeles Capital Management LLC raised its position in Rigel Pharmaceuticals by 49.1% during the 1st 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 last quarter. Finally, GSA Capital Partners LLP raised its position in Rigel Pharmaceuticals by 170.9% during 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 last quarter. 66.23% of the stock is currently owned by institutional investors.

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.