Short Interest in Rigel Pharmaceuticals, Inc. (RIGL) Expands By 12.2%

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 16,587,728 shares, an increase of 12.2% from the July 13th total of 14,786,829 shares. Approximately 10.4% of the company’s shares are sold short. Based on an average daily volume of 2,093,246 shares, the days-to-cover ratio is currently 7.9 days.

RIGL has been the subject of a number of recent research reports. BMO Capital Markets lifted their target price on Rigel Pharmaceuticals from $6.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, April 18th. BidaskClub upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Zacks Investment Research upgraded Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a report on Wednesday, July 4th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Rigel Pharmaceuticals in a report on Thursday. Finally, Jefferies Financial Group lifted their target price on Rigel Pharmaceuticals to $7.00 and gave the stock a “buy” rating in a report on Wednesday, April 18th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $7.54.

Shares of Rigel Pharmaceuticals stock opened at $2.79 on Friday. The company has a market capitalization of $438.39 million, a PE ratio of -4.50 and a beta of 1.14. Rigel Pharmaceuticals has a one year low of $2.14 and a one year high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.16) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.16). The company had revenue of $1.79 million during the quarter, compared to analysts’ expectations of $0.30 million. research analysts forecast that Rigel Pharmaceuticals will post -0.65 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in RIGL. Bank of Montreal Can bought a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth approximately $139,000. Canada Pension Plan Investment Board bought a new stake in shares of Rigel Pharmaceuticals during the 2nd quarter worth approximately $142,000. Lido Advisors LLC bought a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $195,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Rigel Pharmaceuticals during the 1st quarter worth approximately $232,000. Finally, MetLife Investment Advisors LLC bought a new stake in shares of Rigel Pharmaceuticals during the 4th quarter worth approximately $257,000. Hedge funds and other institutional investors own 84.67% 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.

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