Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Free Report) rose 7.7% on Thursday. The company traded as high as $8.51 and was last seen at $8.51. About 35,362 shares traded hands during trading, a 75% decline from the average daily volume of 140,604 shares. The stock had previously closed at $7.90.
Upgrades and downgrades by analysts
RIGL has been the subject of a number of analyst reports lately. Cantor Fitzgerald raised their price target on Rigel Pharmaceuticals from $20.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. B. Riley reiterated a “neutral” rating and set a $12.50 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, March 6th. StockNews.com downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday. HC Wainwright reiterated a “buy” rating and set a $150.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday. Finally, Citigroup raised their price target on Rigel Pharmaceuticals from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, March 7. Three analysts have rated the stock with a “hold” and two have given the company a “buy” rating. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $58.13.
Check out our latest stock analysis on RIGL
Price development of Rigel Pharmaceuticals shares
The company has a 50-day moving average price of $9.90 and a 200-day moving average price of $12.09.
Rigel Pharmaceuticals (NASDAQ:RIGL – Free Report) last released its quarterly earnings results on Tuesday, May 7. The biotechnology company reported earnings per share (EPS) of -$0.50 for the quarter, missing the consensus estimate of -$0.30 by -$0.20. The company had revenues of $29.53 million during the quarter, compared to the consensus estimate of $31.28 million. During the same quarter last year, the company reported earnings per share of -$0.80. Sell-side analysts forecast that Rigel Pharmaceuticals, Inc. will post earnings per share of -$0.76 for the current year.
Hedge funds comment on Rigel Pharmaceuticals
Several hedge funds have recently made changes to their holdings in RIGL. SG Americas Securities LLC increased its holdings in shares of Rigel Pharmaceuticals by 57.7% in the 4th quarter. SG Americas Securities LLC now owns 49,673 shares of the biotechnology company worth $72,000 after acquiring an additional 18,180 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Rigel Pharmaceuticals by 49.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company worth $893,000 after acquiring an additional 198,712 shares in the last quarter. GSA Capital Partners LLP increased its holdings in shares of Rigel Pharmaceuticals by 170.9% in the 3rd quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after acquiring an additional 612,815 shares in the last quarter. Vanguard Group Inc. increased its stake in Rigel Pharmaceuticals by 4.6% in the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after acquiring an additional 414,207 shares in the last quarter. Finally, Bayesian Capital Management LP increased its stake 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 valued at $45,000 after acquiring an additional 19,100 shares in the last quarter. 66.23% of the shares are currently owned by institutional investors and hedge funds.
About Rigel Pharmaceuticals
(Get free report)
Rigel Pharmaceuticals, Inc. is a biotechnology company engaged in the discovery, development and delivery of therapies that improve the lives of patients with hematological diseases and cancer. The Company’s commercialized products include Tavalisse, an oral splenic 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 detected by an FDA-approved test; and GAVRETO, a once-daily, oral small molecule kinase inhibitor for the treatment of adult patients with metastatic rearranged-during-transfection (RET) fusion-positive non-small cell lung cancer and for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.
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