Rigel Pharmaceuticals’ (NASDAQ:RIGL) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) in a report published on Monday, November 6th, Marketbeat Ratings reports. The firm currently has a $7.00 price objective on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the company. BMO Capital Markets reiterated a buy rating and issued a $5.00 price objective on shares of Rigel Pharmaceuticals in a report on Monday, October 2nd. Jefferies Group LLC reiterated a buy rating and issued a $5.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 4th. Zacks Investment Research upgraded Rigel Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, September 20th. ValuEngine cut Rigel Pharmaceuticals from a hold rating to a sell rating in a report on Friday, July 28th. Finally, BidaskClub cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $5.31.

Rigel Pharmaceuticals (RIGL) remained flat at $$4.25 during mid-day trading on Monday. 621,636 shares of the company traded hands, compared to its average volume of 1,056,827. Rigel Pharmaceuticals has a 52 week low of $1.94 and a 52 week high of $4.47.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. Rigel Pharmaceuticals had a negative return on equity of 102.26% and a negative net margin of 354.14%. The business had revenue of $0.90 million during the quarter. During the same quarter last year, the company earned ($0.24) earnings per share. Rigel Pharmaceuticals’s revenue for the quarter was down 76.1% on a year-over-year basis. analysts forecast that Rigel Pharmaceuticals will post -0.56 EPS for the current fiscal year.

In other Rigel Pharmaceuticals news, CFO Ryan D. Maynard sold 100,000 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $3.90, for a total transaction of $390,000.00. Following the transaction, the chief financial officer now directly owns 100,000 shares in the company, valued at $390,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.21% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC increased its position in shares of Rigel Pharmaceuticals by 11.3% during the first quarter. Parametric Portfolio Associates LLC now owns 30,815 shares of the biotechnology company’s stock worth $102,000 after acquiring an additional 3,118 shares during the period. Rhumbline Advisers increased its position in shares of Rigel Pharmaceuticals by 6.0% during the second quarter. Rhumbline Advisers now owns 139,814 shares of the biotechnology company’s stock worth $382,000 after acquiring an additional 7,910 shares during the period. Marshall Wace North America L.P. increased its position in shares of Rigel Pharmaceuticals by 0.5% during the second quarter. Marshall Wace North America L.P. now owns 1,988,193 shares of the biotechnology company’s stock worth $5,965,000 after acquiring an additional 9,867 shares during the period. JPMorgan Chase & Co. increased its position in shares of Rigel Pharmaceuticals by 0.8% during the second quarter. JPMorgan Chase & Co. now owns 1,461,550 shares of the biotechnology company’s stock worth $3,990,000 after acquiring an additional 11,836 shares during the period. Finally, Voya Investment Management LLC increased its holdings in Rigel Pharmaceuticals by 30.4% in the second quarter. Voya Investment Management LLC now owns 53,661 shares of the biotechnology company’s stock valued at $146,000 after buying an additional 12,500 shares during the last quarter. 77.45% of the stock is currently owned by institutional investors and hedge funds.

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Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc is a clinical-stage biotechnology company. The Company is engaged in the discovering, developing and providing novel small molecule drugs that improve the lives of patients with immune and hematological disorders, cancer and rare diseases. The Company’s pioneering research focuses on signaling pathways that are critical to disease mechanisms.

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