Rigel Pharmaceuticals (NASDAQ:RIGL) Downgraded by StockNews.com

StockNews.com downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a buy rating to a hold rating in a research note released on Thursday.

A number of other equities research analysts have also issued reports on the stock. B. Riley reaffirmed a neutral rating and set a $12.50 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, March 6th. Cantor Fitzgerald upped their target price on shares of Rigel Pharmaceuticals from $20.00 to $30.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. Citigroup upped their target price on shares of 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 research report on Tuesday, June 25th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $58.13.

Rigel Pharmaceuticals Stock Performance

Shares of NASDAQ RIGL opened at $8.22 on Thursday. The firm has a market cap of $144.34 million, a PE ratio of -6.85 and a beta of 1.04. The firm has a fifty day moving average of $9.90 and a 200 day moving average of $12.09. Rigel Pharmaceuticals has a one year low of $7.12 and a one year high of $17.30.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.20). The company had revenue of $29.53 million for the quarter, compared to the consensus estimate of $31.28 million. During the same period in the previous year, the firm posted ($0.80) earnings per share. On average, equities analysts predict that Rigel Pharmaceuticals will post -0.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RIGL. Vanguard Group Inc. lifted its position 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 buying an additional 414,207 shares during the last quarter. Acadian Asset Management LLC lifted its position in Rigel Pharmaceuticals by 18.2% in the first quarter. Acadian Asset Management LLC now owns 5,465,183 shares of the biotechnology company’s stock valued at $8,086,000 after buying an additional 843,419 shares during the last quarter. CM Management LLC lifted its position in Rigel Pharmaceuticals by 17.6% in the first quarter. CM Management LLC now owns 2,000,000 shares of the biotechnology company’s stock valued at $2,960,000 after buying an additional 300,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Rigel Pharmaceuticals in the first quarter valued at about $2,012,000. Finally, GSA Capital Partners LLP lifted its position in Rigel Pharmaceuticals by 170.9% in the third quarter. GSA Capital Partners LLP now owns 971,441 shares of the biotechnology company’s stock valued at $1,049,000 after buying an additional 612,815 shares during the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

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.