Rigel Pharmaceuticals (NASDAQ:RIGL) Earns Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL - Free Report) in a report released on Friday morning, Benzinga reports. They currently have a $57.00 price objective on the biotechnology company's stock.

RIGL has been the topic of several other reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price objective on shares of Rigel Pharmaceuticals in a report on Friday, September 20th. StockNews.com upgraded shares of Rigel Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 18th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $31.13.

Rigel Pharmaceuticals Trading Down 1.9 %

Shares of RIGL stock traded down $0.27 during trading hours on Friday, hitting $14.16. 101,619 shares of the company were exchanged, compared to its average volume of 150,018. The stock has a market capitalization of $248.62 million, a price-to-earnings ratio of -11.87 and a beta of 0.94. The firm has a fifty day simple moving average of $14.27 and a 200 day simple moving average of $11.54. Rigel Pharmaceuticals has a 52-week low of $7.21 and a 52-week high of $17.30.

Rigel Pharmaceuticals (NASDAQ:RIGL - Get Free Report) last released its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.37) by $0.31. The firm had revenue of $36.84 million during the quarter, compared to analysts' expectations of $32.38 million. During the same period in the prior year, the business earned ($0.40) earnings per share. Sell-side analysts anticipate that Rigel Pharmaceuticals will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Rigel Pharmaceuticals during the first quarter worth about $2,012,000. Acadian Asset Management LLC increased its position in shares of Rigel Pharmaceuticals by 18.2% in the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company's stock worth $8,086,000 after purchasing an additional 843,419 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Rigel Pharmaceuticals in the third quarter valued at approximately $7,148,000. Vanguard Group Inc. lifted its position in Rigel Pharmaceuticals by 4.6% during the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company's stock valued at $13,864,000 after purchasing an additional 414,207 shares during the last quarter. Finally, CM Management LLC grew its stake in Rigel Pharmaceuticals by 17.6% in the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company's stock worth $2,960,000 after buying an additional 300,000 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company's stock.

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.