Rigel Pharmaceuticals (NASDAQ:RIGL) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets reissued a “buy” rating and set a $5.00 price target on shares of Rigel Pharmaceuticals in a report on Monday, October 2nd. HC Wainwright set a $7.00 price objective on shares of Rigel Pharmaceuticals and gave the stock a “buy” rating in a report on Friday, January 19th. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a report on Saturday, November 11th. Jefferies Group reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, October 4th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigel Pharmaceuticals in a report on Thursday, December 14th. They issued an “overweight” rating and a $6.00 price objective for the company. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $5.54.

Rigel Pharmaceuticals (NASDAQ RIGL) opened at $4.41 on Wednesday. Rigel Pharmaceuticals has a 1-year low of $1.94 and a 1-year high of $4.71. The stock has a market cap of $646.03, a price-to-earnings ratio of -7.47 and a beta of 1.28.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings results on Tuesday, November 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $0.90 million for the quarter. During the same period last year, the business posted ($0.24) earnings per share. The business’s revenue for the quarter was down 76.1% on a year-over-year basis. research analysts anticipate that Rigel Pharmaceuticals will post -0.56 earnings per share for the current fiscal year.

In related news, CFO Ryan D. Maynard sold 100,000 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $390,000.00. Following the completion of the sale, the chief financial officer now owns 100,000 shares of the company’s stock, valued at $390,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.21% of the company’s stock.

A number of hedge funds have recently bought and sold shares of RIGL. Vanguard Group Inc. lifted its holdings in Rigel Pharmaceuticals by 6.1% in the second quarter. Vanguard Group Inc. now owns 6,039,790 shares of the biotechnology company’s stock worth $16,489,000 after purchasing an additional 348,755 shares during the period. Wells Fargo & Company MN lifted its holdings in Rigel Pharmaceuticals by 116.9% in the third quarter. Wells Fargo & Company MN now owns 414,745 shares of the biotechnology company’s stock worth $1,053,000 after purchasing an additional 223,528 shares during the period. B. Riley Financial Inc. bought a new stake in Rigel Pharmaceuticals in the second quarter worth about $554,000. Paulson & CO. Inc. raised its position in Rigel Pharmaceuticals by 20.4% in the second quarter. Paulson & CO. Inc. now owns 662,056 shares of the biotechnology company’s stock worth $1,807,000 after acquiring an additional 112,056 shares in the last quarter. Finally, Northern Trust Corp raised its position in Rigel Pharmaceuticals by 7.8% in the second quarter. Northern Trust Corp now owns 1,467,524 shares of the biotechnology company’s stock worth $4,006,000 after acquiring an additional 106,148 shares in the last quarter. 74.51% of the stock is 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.

Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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