Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Receives Average Recommendation of “Hold” from Analysts

Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $7.63.

RIGL has been the topic of several recent research reports. Zacks Investment Research lowered shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. Cantor Fitzgerald reissued a “buy” rating and issued a $7.00 price target on shares of Rigel Pharmaceuticals in a research report on Tuesday, May 7th. Finally, BidaskClub lowered shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, July 26th.

In related news, CFO Dean L. Schorno acquired 50,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were acquired at an average price of $2.13 per share, for a total transaction of $106,500.00. Following the completion of the purchase, the chief financial officer now owns 46,726 shares in the company, valued at approximately $99,526.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.96% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Quantitative Systematic Strategies LLC acquired a new stake in shares of Rigel Pharmaceuticals in the first quarter worth $45,000. SG Americas Securities LLC acquired a new stake in shares of Rigel Pharmaceuticals in the first quarter worth $55,000. Amalgamated Bank grew its stake in shares of Rigel Pharmaceuticals by 128.4% in the fourth quarter. Amalgamated Bank now owns 24,692 shares of the biotechnology company’s stock worth $57,000 after acquiring an additional 13,883 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Rigel Pharmaceuticals in the first quarter worth $89,000. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Rigel Pharmaceuticals by 780.8% in the first quarter. BNP Paribas Arbitrage SA now owns 34,942 shares of the biotechnology company’s stock worth $90,000 after acquiring an additional 30,975 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.

RIGL traded down $0.13 during midday trading on Friday, hitting $2.15. 943,369 shares of the company’s stock traded hands, compared to its average volume of 817,687. The stock has a market capitalization of $381.20 million, a P/E ratio of -4.89 and a beta of 1.23. The company’s fifty day moving average price is $2.40. The company has a current ratio of 5.33, a quick ratio of 5.29 and a debt-to-equity ratio of 0.26. Rigel Pharmaceuticals has a one year low of $1.96 and a one year high of $3.65.

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

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 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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