Rigel Pharmaceuticals’ (RIGL) Buy Rating Reaffirmed at Cantor Fitzgerald
Rigel Pharmaceuticals (NASDAQ:RIGL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a note issued to investors on Wednesday. They presently have a $9.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 345.54% from the stock’s previous close.
The analysts wrote, “We believe Rigel is poised to achieved meaningful commercial sales of TAVALISSE in immune thrombocytopenia. In addition to ITP, we see expansion opportunities in AIHA and IgAN. Valuation Summary We arrive at our 12-month price target of $9/share by assessing the after-tax, risk- adjusted NPV of potential future cash flows from fostamatinib for immune-related disorders.””
Several other equities research analysts also recently commented on RIGL. HC Wainwright set a $8.00 target price on shares of Rigel Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, October 5th. BidaskClub downgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Finally, Zacks Investment Research upgraded shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research report on Wednesday, November 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. Rigel Pharmaceuticals has an average rating of “Buy” and an average price target of $7.50.
Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The business had revenue of $4.87 million for the quarter, compared to analyst estimates of $3.52 million. On average, research analysts anticipate that Rigel Pharmaceuticals will post -0.42 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of RIGL. BlackRock Inc. lifted its position in shares of Rigel Pharmaceuticals by 20.9% in the 2nd quarter. BlackRock Inc. now owns 13,392,367 shares of the biotechnology company’s stock worth $37,901,000 after purchasing an additional 2,312,498 shares during the period. Morgan Stanley lifted its position in shares of Rigel Pharmaceuticals by 87.0% in the 3rd quarter. Morgan Stanley now owns 2,710,087 shares of the biotechnology company’s stock worth $8,699,000 after purchasing an additional 1,260,718 shares during the period. Sofinnova Ventures Inc lifted its position in shares of Rigel Pharmaceuticals by 43.5% in the 3rd quarter. Sofinnova Ventures Inc now owns 3,260,931 shares of the biotechnology company’s stock worth $10,467,000 after purchasing an additional 988,204 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Rigel Pharmaceuticals in the 3rd quarter worth approximately $2,267,000. Finally, Macquarie Group Ltd. lifted its position in shares of Rigel Pharmaceuticals by 77.8% in the 2nd quarter. Macquarie Group Ltd. now owns 1,600,000 shares of the biotechnology company’s stock worth $4,528,000 after purchasing an additional 700,000 shares during the period. Hedge funds and other institutional investors own 94.12% of the company’s stock.
About Rigel Pharmaceuticals
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.
Further Reading: How does inflation affect different investments?
Receive News & Ratings for Rigel Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.