Rigel Pharmaceuticals (NASDAQ:RIGL) Price Target Lowered to $3.00 at BMO Capital Markets

Rigel Pharmaceuticals (NASDAQ:RIGLGet Rating) had its price target reduced by equities researchers at BMO Capital Markets from $7.00 to $3.00 in a research note issued on Thursday, The Fly reports. BMO Capital Markets’ target price would indicate a potential upside of 327.96% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Jefferies Financial Group downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday. Citigroup downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Thursday. HC Wainwright lowered their price objective on shares of Rigel Pharmaceuticals from $11.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. B. Riley lowered their price objective on shares of Rigel Pharmaceuticals from $4.00 to $1.25 in a research report on Thursday. Finally, Cantor Fitzgerald downgraded shares of Rigel Pharmaceuticals from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $6.00 to $1.00 in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.65.

NASDAQ:RIGL opened at $0.70 on Thursday. The company’s 50 day moving average price is $2.35 and its 200-day moving average price is $2.57. Rigel Pharmaceuticals has a 52 week low of $0.69 and a 52 week high of $4.62. The company has a quick ratio of 2.23, a current ratio of 2.35 and a debt-to-equity ratio of 4.39. The stock has a market cap of $120.61 million, a price-to-earnings ratio of -1.43 and a beta of 1.50.

Rigel Pharmaceuticals (NASDAQ:RIGLGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $16.74 million for the quarter, compared to analysts’ expectations of $18.49 million. Rigel Pharmaceuticals had a negative net margin of 99.89% and a negative return on equity of 219.06%. During the same quarter in the previous year, the company earned $0.22 EPS. As a group, sell-side analysts anticipate that Rigel Pharmaceuticals will post -0.54 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position in Rigel Pharmaceuticals by 10.1% in the first quarter. Bank of America Corp DE now owns 275,117 shares of the biotechnology company’s stock worth $822,000 after acquiring an additional 25,128 shares during the period. Walleye Capital LLC raised its position in shares of Rigel Pharmaceuticals by 43.8% during the 1st quarter. Walleye Capital LLC now owns 1,049,059 shares of the biotechnology company’s stock valued at $3,137,000 after purchasing an additional 319,762 shares during the period. Lido Advisors LLC raised its position in shares of Rigel Pharmaceuticals by 7.6% during the 1st quarter. Lido Advisors LLC now owns 69,105 shares of the biotechnology company’s stock valued at $206,000 after purchasing an additional 4,854 shares during the period. Rock Springs Capital Management LP raised its position in shares of Rigel Pharmaceuticals by 1.3% during the 1st quarter. Rock Springs Capital Management LP now owns 4,921,487 shares of the biotechnology company’s stock valued at $14,715,000 after purchasing an additional 61,287 shares during the period. Finally, Woodline Partners LP bought a new stake in shares of Rigel Pharmaceuticals during the 1st quarter valued at $2,463,000. Institutional investors and hedge funds own 80.33% of the company’s stock.

Rigel Pharmaceuticals Company Profile (Get Rating)

Rigel Pharmaceuticals, Inc, a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia.

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