Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reaffirmed at Jefferies Group
Rigel Pharmaceuticals Inc. (NASDAQ:RIGL)‘s stock had its “buy” rating restated by investment analysts at Jefferies Group in a research note issued to investors on Friday. They currently have a $9.00 price target on the stock, up from their prior price target of $8.50. Jefferies Group’s price target would indicate a potential upside of 155.32% from the stock’s current price.
A number of other research firms have also issued reports on RIGL. HC Wainwright lifted their target price on Rigel Pharmaceuticals from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 31st. Piper Jaffray Cos. set a $11.00 target price on Rigel Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, August 3rd. BMO Capital Markets lifted their price target on Rigel Pharmaceuticals from $4.00 to $6.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 30th. Finally, Zacks Investment Research raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, June 10th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Rigel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $6.79.
Rigel Pharmaceuticals (NASDAQ:RIGL) traded up 0.86% during mid-day trading on Friday, reaching $3.53. 127,487 shares of the company were exchanged. Rigel Pharmaceuticals has a 12 month low of $1.88 and a 12 month high of $4.06. The company’s market cap is $333.90 million. The stock’s 50-day moving average is $2.93 and its 200-day moving average is $2.52.
Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, August 2nd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The firm had revenue of $8.60 million for the quarter, compared to analyst estimates of $3.75 million. Rigel Pharmaceuticals had a negative return on equity of 59.78% and a negative net margin of 143.24%. Rigel Pharmaceuticals’s revenue was up 65.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.16) earnings per share. Equities analysts expect that Rigel Pharmaceuticals will post ($0.77) earnings per share for the current year.
A number of large investors have recently made changes to their positions in RIGL. Acadian Asset Management LLC raised its stake in shares of Rigel Pharmaceuticals by 767.2% in the first quarter. Acadian Asset Management LLC now owns 168,947 shares of the company’s stock worth $351,000 after buying an additional 149,466 shares during the last quarter. Rhenman & Partners Asset Management AB raised its stake in shares of Rigel Pharmaceuticals by 0.7% in the first quarter. Rhenman & Partners Asset Management AB now owns 850,000 shares of the company’s stock worth $1,768,000 after buying an additional 5,687 shares during the last quarter. Algert Global LLC raised its stake in shares of Rigel Pharmaceuticals by 140.0% in the first quarter. Algert Global LLC now owns 131,889 shares of the company’s stock worth $274,000 after buying an additional 76,929 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Rigel Pharmaceuticals by 1.5% in the first quarter. BlackRock Fund Advisors now owns 3,427,862 shares of the company’s stock worth $7,130,000 after buying an additional 52,131 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Rigel Pharmaceuticals by 2.7% in the first quarter. State Street Corp now owns 1,479,088 shares of the company’s stock worth $3,075,000 after buying an additional 38,736 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).
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.