StockNews.com Downgrades Rigel Pharmaceuticals (NASDAQ:RIGL) to Hold

Rigel Pharmaceuticals (NASDAQ:RIGL) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

A number of other equities analysts have also recently commented on RIGL. B. Riley reaffirmed a “neutral” rating and issued a $12.50 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. Cantor Fitzgerald raised their target price on Rigel Pharmaceuticals from $20.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, March 6th. Citigroup raised their target price on Rigel Pharmaceuticals from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, HC Wainwright reissued a “buy” rating and set a $150.00 price target on shares of Rigel Pharmaceuticals in a report on Tuesday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Rigel Pharmaceuticals currently has an average rating of “Hold” and an average target price of $58.13.

Rigel Pharmaceuticals Stock Performance

Shares of RIGL stock traded up $8.74 on Thursday, reaching $9.53. The stock had a trading volume of 1,076,798 shares, compared to its average volume of 149,164. Rigel Pharmaceuticals has a 1 year low of $7.12 and a 1 year high of $17.30. The company has a 50 day simple moving average of $9.95 and a 200 day simple moving average of $12.13. The stock has a market cap of $1.67 billion, a P/E ratio of -79.42 and a beta of 1.04.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.20). The company had revenue of $29.53 million during the quarter, compared to the consensus estimate of $31.28 million. During the same quarter in the prior year, the company posted ($0.80) earnings per share. On average, equities research analysts anticipate that Rigel Pharmaceuticals will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RIGL. Bayesian Capital Management LP raised its holdings in Rigel Pharmaceuticals by 167.8% during the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock valued at $45,000 after acquiring an additional 19,100 shares during the period. SG Americas Securities LLC grew its position in shares of Rigel Pharmaceuticals by 57.7% during the fourth quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 18,180 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Rigel Pharmaceuticals by 24.2% during the first quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock valued at $374,000 after purchasing an additional 49,223 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Rigel Pharmaceuticals by 49.1% during the first quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock valued at $893,000 after purchasing an additional 198,712 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in shares of Rigel Pharmaceuticals by 170.9% during the third quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 612,815 shares in the last quarter. 66.23% of the stock is owned by institutional investors.

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.