Rigel Pharmaceuticals (NASDAQ:RIGL) Rating Reiterated by HC Wainwright

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $57.00 price target on the biotechnology company’s stock. HC Wainwright’s price target would suggest a potential upside of 332.47% from the company’s previous close.

Separately, StockNews.com raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, July 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.88.

Rigel Pharmaceuticals Stock Performance

RIGL opened at $13.18 on Tuesday. The stock has a market capitalization of $231.41 million, a PE ratio of -10.98 and a beta of 0.93. The company’s 50 day simple moving average is $10.71 and its 200 day simple moving average is $11.34. Rigel Pharmaceuticals has a 1 year low of $7.12 and a 1 year high of $17.30.

Rigel Pharmaceuticals (NASDAQ:RIGL) last released its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.31. The firm had revenue of $36.84 million for the quarter, compared to analyst estimates of $32.38 million. During the same period in the previous year, the firm earned ($0.40) earnings per share. As a group, sell-side analysts expect that Rigel Pharmaceuticals will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC raised its position in shares of Rigel Pharmaceuticals by 49.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 603,123 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 198,712 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at $141,000. Vanguard Group Inc. grew its position in shares of Rigel Pharmaceuticals by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock worth $13,864,000 after buying an additional 414,207 shares in the last quarter. Bayesian Capital Management LP grew its holdings in Rigel Pharmaceuticals by 167.8% in the first quarter. Bayesian Capital Management LP now owns 30,480 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 19,100 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Rigel Pharmaceuticals during the first quarter worth about $2,012,000. 66.23% of the stock is owned by hedge funds and other institutional investors.

Rigel Pharmaceuticals Company Profile

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.