Rigel Pharmaceuticals (NASDAQ:RIGL) has been assigned a $8.00 price objective by equities researchers at HC Wainwright in a research note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 177.78% from the stock’s current price.
Other equities research analysts also recently issued research reports about the company. BidaskClub downgraded Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $9.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, August 8th. Zacks Investment Research downgraded Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Finally, Citigroup began coverage on Rigel Pharmaceuticals in a report on Monday, August 27th. They issued a “buy” rating and a $8.50 target price on the stock. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $7.59.
Shares of RIGL stock traded down $0.20 during trading hours on Wednesday, reaching $2.88. The company’s stock had a trading volume of 126,416 shares, compared to its average volume of 1,748,787. The company has a market cap of $481.02 million, a PE ratio of -4.65 and a beta of 1.25. Rigel Pharmaceuticals has a fifty-two week low of $2.56 and a fifty-two week high of $4.71.
In related news, insider Nelson Cabatuan sold 10,000 shares of the firm’s stock in a transaction on Friday, October 12th. The stock was sold at an average price of $3.12, for a total transaction of $31,200.00. Following the sale, the insider now owns 58 shares of the company’s stock, valued at approximately $180.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Anne-Marie Duliege sold 153,000 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $3.50, for a total value of $535,500.00. Following the transaction, the executive vice president now directly owns 115,500 shares of the company’s stock, valued at $404,250. The disclosure for this sale can be found here. In the last three months, insiders have purchased 314,000 shares of company stock worth $907,820 and have sold 179,500 shares worth $624,615. Company insiders own 5.38% of the company’s stock.
A number of large investors have recently made changes to their positions in RIGL. Bank of Montreal Can bought a new position in Rigel Pharmaceuticals during the 2nd quarter worth $139,000. Canada Pension Plan Investment Board bought a new position in Rigel Pharmaceuticals during the 2nd quarter worth $142,000. Cubist Systematic Strategies LLC raised its position in Rigel Pharmaceuticals by 199.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock worth $171,000 after purchasing an additional 40,366 shares during the last quarter. New Jersey Better Educational Savings Trust bought a new position in Rigel Pharmaceuticals during the 3rd quarter worth $193,000. Finally, Lido Advisors LLC raised its position in Rigel Pharmaceuticals by 45.8% during the 2nd quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock worth $228,000 after purchasing an additional 25,331 shares during the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.
Rigel Pharmaceuticals Company Profile
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.
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