Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives $7.33 Average PT from Analysts

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Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have earned an average recommendation of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $7.33.

Several equities analysts have issued reports on RIGL shares. BidaskClub raised shares of Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, April 30th. Zacks Investment Research downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, May 8th. JPMorgan Chase & Co. decreased their price objective on shares of Rigel Pharmaceuticals from $7.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Finally, ValuEngine raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Rigel Pharmaceuticals by 1.2% in the first quarter. BlackRock Inc. now owns 14,881,803 shares of the biotechnology company’s stock worth $23,214,000 after buying an additional 173,518 shares in the last quarter. Tamarack Advisers LP lifted its stake in shares of Rigel Pharmaceuticals by 5.0% in the fourth quarter. Tamarack Advisers LP now owns 5,750,000 shares of the biotechnology company’s stock worth $11,788,000 after buying an additional 275,000 shares in the last quarter. State Street Corp raised its stake in Rigel Pharmaceuticals by 8.0% during the fourth quarter. State Street Corp now owns 3,676,582 shares of the biotechnology company’s stock worth $7,868,000 after purchasing an additional 271,943 shares during the period. Goldman Sachs Group Inc. raised its stake in Rigel Pharmaceuticals by 7.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,114,076 shares of the biotechnology company’s stock worth $6,664,000 after purchasing an additional 212,864 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Rigel Pharmaceuticals by 57.1% during the fourth quarter. Renaissance Technologies LLC now owns 2,976,940 shares of the biotechnology company’s stock worth $6,371,000 after purchasing an additional 1,082,302 shares during the period. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

RIGL stock traded up $0.13 during midday trading on Friday, hitting $1.91. 73,087 shares of the stock traded hands, compared to its average volume of 2,175,220. The firm has a market cap of $308.48 million, a P/E ratio of -11.13 and a beta of 1.26. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.73 and a quick ratio of 3.68. The stock’s fifty day simple moving average is $1.88 and its 200-day simple moving average is $1.98. Rigel Pharmaceuticals has a 1-year low of $1.23 and a 1-year high of $3.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.13 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.13. The business had revenue of $55.76 million for the quarter, compared to the consensus estimate of $56.94 million. Rigel Pharmaceuticals had a negative net margin of 27.39% and a negative return on equity of 40.15%. On average, research analysts predict that Rigel Pharmaceuticals will post -0.27 earnings per share for the current year.

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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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