Rigel Pharmaceuticals’ (RIGL) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research report released on Monday, Benzinga reports. HC Wainwright currently has a $15.00 price target on the biotechnology company’s stock.

A number of other research firms also recently issued reports on RIGL. Cantor Fitzgerald increased their price objective on Rigel Pharmaceuticals from $2.00 to $3.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. B. Riley restated a neutral rating and issued a $1.25 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. StockNews.com upgraded Rigel Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, May 9th. Finally, Citigroup lifted their price objective on Rigel Pharmaceuticals from $3.00 to $4.00 and gave the stock a buy rating in a report on Thursday, March 7th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Rigel Pharmaceuticals currently has an average rating of Moderate Buy and an average target price of $5.81.

Rigel Pharmaceuticals Price Performance

NASDAQ RIGL opened at $0.96 on Monday. Rigel Pharmaceuticals has a 1 year low of $0.71 and a 1 year high of $1.77. The stock has a market capitalization of $167.55 million, a PE ratio of -7.96 and a beta of 1.04. The company’s 50 day simple moving average is $1.02 and its two-hundred day simple moving average is $1.22.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $29.53 million for the quarter, compared to analysts’ expectations of $31.28 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. On average, research analysts anticipate that Rigel Pharmaceuticals will post -0.08 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bayesian Capital Management LP raised its position in Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 19,100 shares during the period. CM Management LLC lifted its position in shares of Rigel Pharmaceuticals by 17.6% during the 1st quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after buying an additional 300,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rigel Pharmaceuticals during the 1st quarter valued at approximately $2,012,000. Acadian Asset Management LLC increased its holdings in Rigel Pharmaceuticals by 18.2% in the 1st quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock worth $8,086,000 after acquiring an additional 843,419 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after acquiring an additional 414,207 shares during the period. 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.