Cantor Fitzgerald Reiterates Neutral Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “neutral” rating reiterated by research analysts at Cantor Fitzgerald in a report released on Friday, Benzinga reports. They presently have a $15.00 target price on the biotechnology company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 9.01% from the stock’s current price.

Several other analysts also recently issued reports on the company. StockNews.com upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, July 5th. HC Wainwright reiterated a “buy” rating and set a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 3rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Rigel Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $31.13.

Rigel Pharmaceuticals Price Performance

Shares of NASDAQ RIGL opened at $13.76 on Friday. The business’s 50-day moving average price is $11.89 and its two-hundred day moving average price is $11.31. Rigel Pharmaceuticals has a one year low of $7.12 and a one year high of $17.30. The company has a market capitalization of $242.04 million, a P/E ratio of -11.47 and a beta of 0.93.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) EPS for the quarter, beating 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 quarter last year, the firm earned ($0.40) EPS. On average, equities analysts anticipate that Rigel Pharmaceuticals will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Rigel Pharmaceuticals

Several large investors have recently made changes to their positions in RIGL. Los Angeles Capital Management LLC lifted its position in shares of Rigel Pharmaceuticals by 49.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 198,712 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Rigel Pharmaceuticals by 24.2% during the 1st quarter. BNP Paribas Financial Markets now owns 252,955 shares of the biotechnology company’s stock worth $374,000 after purchasing an additional 49,223 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 414,207 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Rigel Pharmaceuticals by 18.2% during the 1st 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. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Rigel Pharmaceuticals during the 1st quarter worth about $2,012,000. Institutional investors and hedge funds own 66.23% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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.