BidaskClub downgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a sell rating to a strong sell rating in a research note released on Thursday.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group upped their price target on Rigel Pharmaceuticals to $7.00 and gave the company a buy rating in a report on Wednesday, April 18th. They noted that the move was a valuation call. HC Wainwright set a $8.00 price target on Rigel Pharmaceuticals and gave the company a buy rating in a report on Wednesday, April 18th. Zacks Investment Research raised Rigel Pharmaceuticals from a hold rating to a buy rating and set a $3.25 price target on the stock in a report on Wednesday, July 4th. Cantor Fitzgerald reaffirmed a buy rating and issued a $9.00 price target on shares of Rigel Pharmaceuticals in a report on Wednesday, August 8th. Finally, BMO Capital Markets upped their price target on Rigel Pharmaceuticals from $6.00 to $8.00 and gave the company an outperform rating in a report on Wednesday, April 18th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Rigel Pharmaceuticals currently has an average rating of Hold and a consensus target price of $7.54.

Shares of NASDAQ RIGL traded down $0.09 during trading on Thursday, hitting $2.61. The company had a trading volume of 52,061 shares, compared to its average volume of 2,367,901. The stock has a market capitalization of $464.38 million, a P/E ratio of -4.31 and a beta of 1.14. Rigel Pharmaceuticals has a 52 week low of $2.18 and a 52 week high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.16). The company had revenue of $1.79 million during the quarter, compared to the consensus estimate of $0.30 million. sell-side analysts predict that Rigel Pharmaceuticals will post -0.66 earnings per share for the current year.

A number of large investors have recently made changes to their positions in RIGL. FMR LLC raised its stake in Rigel Pharmaceuticals by 11.1% during the 2nd quarter. FMR LLC now owns 24,537,044 shares of the biotechnology company’s stock valued at $69,440,000 after purchasing an additional 2,448,925 shares during the period. BlackRock Inc. raised its stake in Rigel Pharmaceuticals by 20.9% during the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock valued at $37,901,000 after purchasing an additional 2,312,498 shares during the period. Stonepine Capital Management LLC acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at $4,235,000. Sio Capital Management LLC acquired a new stake in Rigel Pharmaceuticals during the 2nd quarter valued at $3,958,000. Finally, Macquarie Group Ltd. raised its stake in Rigel Pharmaceuticals by 77.8% during the 2nd quarter. Macquarie Group Ltd. now owns 1,600,000 shares of the biotechnology company’s stock valued at $4,528,000 after purchasing an additional 700,000 shares during the period. 84.66% of the stock is currently owned by institutional investors.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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Analyst Recommendations for Rigel Pharmaceuticals (NASDAQ:RIGL)

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