Rigel Pharmaceuticals, Inc. (RIGL) Receives $8.21 Consensus PT from Analysts

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has been assigned an average recommendation of “Buy” from the ten research firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation and eight have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $8.21.

RIGL has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated a “buy” rating and set a $9.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, August 8th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Rigel Pharmaceuticals in a report on Thursday, August 9th. Citigroup initiated coverage on Rigel Pharmaceuticals in a report on Monday, August 27th. They set a “buy” rating and a $8.50 price target for the company. BidaskClub cut Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Thursday, August 16th. Finally, Zacks Investment Research cut Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th.

In other news, EVP Anne-Marie Duliege sold 16,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $3.51, for a total transaction of $57,915.00. Following the completion of the sale, the executive vice president now owns 16,500 shares in the company, valued at $57,915. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Raul R. Rodriguez acquired 114,000 shares of Rigel Pharmaceuticals stock in a transaction dated Friday, August 17th. The shares were purchased at an average price of $2.63 per share, with a total value of $299,820.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 314,000 shares of company stock valued at $907,820. Corporate insiders own 5.38% of the company’s stock.

Several large investors have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in shares of Rigel Pharmaceuticals by 13.1% during the first quarter. Rhumbline Advisers now owns 133,770 shares of the biotechnology company’s stock worth $474,000 after acquiring an additional 15,480 shares during the period. Lido Advisors LLC boosted its holdings in shares of Rigel Pharmaceuticals by 45.8% during the second quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock worth $228,000 after acquiring an additional 25,331 shares during the period. Palo Alto Investors LP boosted its holdings in shares of Rigel Pharmaceuticals by 0.8% during the first quarter. Palo Alto Investors LP now owns 3,966,087 shares of the biotechnology company’s stock worth $14,040,000 after acquiring an additional 30,503 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Rigel Pharmaceuticals by 27.4% during the first quarter. New York State Common Retirement Fund now owns 147,000 shares of the biotechnology company’s stock worth $520,000 after acquiring an additional 31,600 shares during the period. Finally, MetLife Investment Advisors LLC boosted its holdings in shares of Rigel Pharmaceuticals by 53.0% during the second quarter. MetLife Investment Advisors LLC now owns 101,362 shares of the biotechnology company’s stock worth $287,000 after acquiring an additional 35,092 shares during the period. Institutional investors own 94.24% of the company’s stock.

Rigel Pharmaceuticals stock opened at $3.21 on Wednesday. Rigel Pharmaceuticals has a 52 week low of $2.28 and a 52 week high of $4.71. The stock has a market cap of $517.64 million, a P/E ratio of -5.18 and a beta of 1.10.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). The business had revenue of $1.79 million for the quarter, compared to the consensus estimate of $0.30 million. analysts forecast that Rigel Pharmaceuticals will post -0.65 EPS for the current fiscal year.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

Further Reading: Outstanding Shares and The Effect on Share Price

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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