Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) traded down 7.5% on Monday . The stock traded as low as $3.65 and last traded at $3.68. 1,885,769 shares changed hands during trading, an increase of 56% from the average session volume of 1,211,841 shares. The stock had previously closed at $3.98.

Several equities research analysts have recently weighed in on the company. HC Wainwright set a $7.00 target price on Rigel Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday. Zacks Investment Research raised Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a research report on Saturday, November 11th. BMO Capital Markets reissued a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a research report on Monday, October 2nd. ValuEngine raised Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Monday, October 2nd. Finally, Jefferies Group reissued a “buy” rating and set a $5.00 target price on shares of Rigel Pharmaceuticals in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $5.31.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm 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 company’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.24) EPS. sell-side analysts expect that Rigel Pharmaceuticals, Inc. will post -0.56 earnings per share for the current fiscal year.

In related news, CFO Ryan D. Maynard sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $3.90, for a total transaction of $390,000.00. Following the transaction, the chief financial officer now owns 100,000 shares in the company, valued at approximately $390,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.21% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Rigel Pharmaceuticals by 6.1% during the 2nd quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after buying an additional 348,755 shares during the last quarter. State Street Corp grew its stake in Rigel Pharmaceuticals by 4.3% during the 2nd quarter. State Street Corp now owns 2,188,997 shares of the biotechnology company’s stock worth $5,974,000 after buying an additional 90,640 shares during the last quarter. Marshall Wace North America L.P. grew its stake in Rigel Pharmaceuticals by 0.5% during 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 buying an additional 9,867 shares during the last quarter. Northern Trust Corp grew its stake in Rigel Pharmaceuticals by 7.8% during the 2nd quarter. Northern Trust Corp now owns 1,467,524 shares of the biotechnology company’s stock worth $4,006,000 after buying an additional 106,148 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Rigel Pharmaceuticals by 0.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,461,550 shares of the biotechnology company’s stock worth $3,990,000 after buying an additional 11,836 shares during the last quarter. Hedge funds and other institutional investors own 74.51% of the company’s stock.

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About Rigel Pharmaceuticals

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.

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