Rigel Pharmaceuticals (RIGL) Stock Price Down 5.1%

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) shares were down 5.1% on Monday . The company traded as low as $2.04 and last traded at $2.04. Approximately 3,249,618 shares changed hands during trading, an increase of 72% from the average daily volume of 1,893,964 shares. The stock had previously closed at $2.15.

A number of research analysts recently weighed in on RIGL shares. Cantor Fitzgerald reaffirmed a “buy” rating and set a $9.00 price objective on shares of Rigel Pharmaceuticals in a report on Wednesday, January 23rd. Zacks Investment Research raised Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, February 1st. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, January 23rd. Finally, BidaskClub raised Rigel Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $6.60.

The company has a quick ratio of 5.29, a current ratio of 5.33 and a debt-to-equity ratio of 0.26. The firm has a market cap of $352.77 million, a price-to-earnings ratio of -4.64 and a beta of 1.18.

Rigel Pharmaceuticals (NASDAQ:RIGL) last posted its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.02. The company had revenue of $12.62 million for the quarter, compared to analyst estimates of $12.00 million. Rigel Pharmaceuticals had a negative return on equity of 58.94% and a negative net margin of 111.48%. During the same quarter in the prior year, the company earned ($0.17) earnings per share. On average, research analysts anticipate that Rigel Pharmaceuticals, Inc. will post -0.31 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of RIGL. Morgan Stanley grew its holdings in Rigel Pharmaceuticals by 87.0% in the third quarter. Morgan Stanley now owns 2,710,087 shares of the biotechnology company’s stock valued at $8,699,000 after purchasing an additional 1,260,718 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Rigel Pharmaceuticals by 251.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,630,034 shares of the biotechnology company’s stock valued at $3,749,000 after acquiring an additional 1,166,694 shares during the last quarter. Tamarack Advisers LP boosted its stake in shares of Rigel Pharmaceuticals by 20.9% during the fourth quarter. Tamarack Advisers LP now owns 5,500,000 shares of the biotechnology company’s stock valued at $12,650,000 after acquiring an additional 950,000 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Rigel Pharmaceuticals by 241.0% during the first quarter. Marshall Wace LLP now owns 1,146,397 shares of the biotechnology company’s stock valued at $2,946,000 after acquiring an additional 810,228 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Rigel Pharmaceuticals during the first quarter valued at $1,668,000. 95.07% of the stock is currently owned by institutional investors.

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About Rigel Pharmaceuticals (NASDAQ:RIGL)

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 Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; and Phase III clinical study for autoimmune hemolytic anemia.

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