Rigel Pharmaceuticals (NASDAQ:RIGL) Receives Neutral Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their neutral rating on shares of Rigel Pharmaceuticals (NASDAQ:RIGL) in a research note published on Friday, Benzinga reports. They currently have a $15.00 price target on the biotechnology company’s stock.

Other analysts have also issued research reports about the company. StockNews.com upgraded Rigel Pharmaceuticals from a hold rating to a buy rating in a report on Friday, July 5th. HC Wainwright reaffirmed a buy rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rigel Pharmaceuticals presently has an average rating of Moderate Buy and a consensus price target of $31.13.

Rigel Pharmaceuticals Trading Down 0.7 %

NASDAQ:RIGL opened at $13.66 on Friday. The company has a market cap of $239.84 million, a price-to-earnings ratio of -11.38 and a beta of 0.93. Rigel Pharmaceuticals has a twelve month low of $7.12 and a twelve month high of $17.30. The stock has a fifty day simple moving average of $11.96 and a 200-day simple moving average of $11.27.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.31. The company had revenue of $36.84 million for the quarter, compared to the consensus estimate of $32.38 million. During the same quarter in the previous year, the business earned ($0.40) EPS. As a group, equities research analysts predict that Rigel Pharmaceuticals will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigel Pharmaceuticals

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