HC Wainwright Reiterates “Buy” Rating for Rigel Pharmaceuticals (NASDAQ:RIGL)

Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They presently have a $57.00 price target on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 167.79% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Cantor Fitzgerald increased their price target on shares of Rigel Pharmaceuticals from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Citigroup boosted their target price on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. B. Riley raised their price target on Rigel Pharmaceuticals from $17.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Piper Sandler boosted their target price on shares of Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, StockNews.com upgraded Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Rigel Pharmaceuticals Trading Down 2.4 %

Shares of NASDAQ:RIGL traded down $0.53 during trading on Wednesday, reaching $21.29. 132,525 shares of the company traded hands, compared to its average volume of 252,552. The firm has a market capitalization of $374.83 million, a price-to-earnings ratio of 152.19 and a beta of 1.31. The business’s fifty day moving average is $20.83 and its 200-day moving average is $15.99. Rigel Pharmaceuticals has a 52-week low of $7.48 and a 52-week high of $29.82.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.69. Rigel Pharmaceuticals had a negative return on equity of 14.80% and a net margin of 2.46%. The firm had revenue of $55.31 million for the quarter, compared to analyst estimates of $40.69 million. During the same period last year, the company earned ($0.30) EPS. On average, sell-side analysts predict that Rigel Pharmaceuticals will post 0.22 earnings per share for the current fiscal year.

Institutional Trading of Rigel Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. PDT Partners LLC bought a new position in Rigel Pharmaceuticals during the third quarter valued at $322,000. Los Angeles Capital Management LLC grew its stake in shares of Rigel Pharmaceuticals by 34.5% during the third quarter. Los Angeles Capital Management LLC now owns 74,502 shares of the biotechnology company’s stock valued at $1,205,000 after buying an additional 19,094 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after purchasing an additional 22,443 shares during the period. Barclays PLC grew its stake in Rigel Pharmaceuticals by 158.6% in the 3rd quarter. Barclays PLC now owns 27,345 shares of the biotechnology company’s stock worth $442,000 after acquiring an additional 16,772 shares in the last quarter. Finally, State Street Corp grew its stake in Rigel Pharmaceuticals by 0.7% in the third quarter. State Street Corp now owns 367,795 shares of the biotechnology company’s stock worth $5,951,000 after purchasing an additional 2,552 shares in the last quarter. 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.