HC Wainwright reaffirmed their buy rating on shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) in a research note issued to investors on Thursday morning.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

RIGL has been the topic of a number of other reports. Piper Jaffray Cos. boosted their target price on shares of Rigel Pharmaceuticals from $10.00 to $11.00 and gave the stock an overweight rating in a research report on Tuesday, August 30th. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, July 6th. BMO Capital Markets assumed coverage on shares of Rigel Pharmaceuticals in a research report on Monday, August 1st. They set an outperform rating and a $4.00 target price on the stock. Finally, JPMorgan Chase & Co. reissued a buy rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, August 3rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $6.79.

Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) opened at 3.42 on Thursday. The firm’s market cap is $323.49 million. The stock has a 50 day moving average of $3.06 and a 200 day moving average of $2.55. Rigel Pharmaceuticals has a 1-year low of $1.88 and a 1-year high of $4.06.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. Rigel Pharmaceuticals had a negative net margin of 143.24% and a negative return on equity of 59.78%. The business had revenue of $8.60 million for the quarter, compared to analysts’ expectations of $3.75 million. During the same period in the previous year, the company posted ($0.16) earnings per share. The business’s revenue for the quarter was up 65.4% compared to the same quarter last year. Equities research analysts anticipate that Rigel Pharmaceuticals will post ($0.77) earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. raised its stake in Rigel Pharmaceuticals by 3.8% in the second quarter. American International Group Inc. now owns 53,611 shares of the company’s stock valued at $120,000 after buying an additional 1,987 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Rigel Pharmaceuticals by 1.2% in the first quarter. Metropolitan Life Insurance Co. NY now owns 67,993 shares of the company’s stock valued at $141,000 after buying an additional 810 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Rigel Pharmaceuticals by 38.0% in the first quarter. Goldman Sachs Group Inc. now owns 81,900 shares of the company’s stock valued at $170,000 after buying an additional 22,543 shares during the last quarter. ProShare Advisors LLC raised its stake in Rigel Pharmaceuticals by 5.5% in the second quarter. ProShare Advisors LLC now owns 79,983 shares of the company’s stock valued at $178,000 after buying an additional 4,141 shares during the last quarter. Finally, Smith Asset Management Group LP raised its stake in Rigel Pharmaceuticals by 64.2% in the second quarter. Smith Asset Management Group LP now owns 94,380 shares of the company’s stock valued at $210,000 after buying an additional 36,910 shares during the last quarter. Hedge funds and other institutional investors own 88.50% of the company’s stock.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN).

5 Day Chart for NASDAQ:RIGL

Receive News & Ratings for Rigel Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.