Trading Report: The HC Wainwright Reaffirmed “Buy” Rating for Rigel Pharmaceuticals Inc. (RIGL)

The HC Wainwright Reaffirmed “Buy” Rating for Rigel Pharmaceuticals Inc. (RIGL)

Rigel Pharmaceuticals Inc. (NASDAQ:RIGL)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued on Wednesday.

Several other brokerages have also recently issued reports on RIGL. Jefferies Group reiterated a “buy” rating and issued a $9.00 price target (up from $8.50) on shares of Rigel Pharmaceuticals in a research note on Friday, September 16th. Piper Jaffray Cos. set a $11.00 price target on Rigel Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, September 15th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $5.00 price target on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 3rd. BMO Capital Markets boosted their price target on Rigel Pharmaceuticals from $4.00 to $6.00 and gave the company an “outperform” rating in a research note on Tuesday, August 30th. Finally, Zacks Investment Research upgraded Rigel Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $6.63.

Rigel Pharmaceuticals (NASDAQ:RIGL) traded down 0.35% during midday trading on Wednesday, hitting $2.85. The stock had a trading volume of 212,067 shares. The company has a 50-day moving average of $2.96 and a 200-day moving average of $2.80. The stock’s market cap is $281.97 million. Rigel Pharmaceuticals has a 1-year low of $1.88 and a 1-year high of $4.38.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by $0.01. The company earned $3.76 million during the quarter, compared to the consensus estimate of $3.97 million. Rigel Pharmaceuticals had a negative net margin of 255.84% and a negative return on equity of 86.54%. The company’s quarterly revenue was down 71.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) earnings per share. Equities research analysts forecast that Rigel Pharmaceuticals will post ($0.74) EPS for the current year.

A number of large investors have recently added to or reduced their stakes in RIGL. California State Teachers Retirement System boosted its stake in Rigel Pharmaceuticals by 0.7% in the third quarter. California State Teachers Retirement System now owns 196,683 shares of the company’s stock valued at $722,000 after buying an additional 1,400 shares during the last quarter. American International Group Inc. boosted its stake in Rigel Pharmaceuticals by 3.8% in the second quarter. American International Group Inc. now owns 53,611 shares of the company’s stock valued at $120,000 after buying an additional 1,987 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Rigel Pharmaceuticals by 2.6% in the second quarter. Alliancebernstein L.P. now owns 116,140 shares of the company’s stock valued at $259,000 after buying an additional 2,900 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Rigel Pharmaceuticals by 2.6% in the second quarter. Parametric Portfolio Associates LLC now owns 129,067 shares of the company’s stock valued at $288,000 after buying an additional 3,299 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Rigel Pharmaceuticals by 5.5% in the second quarter. ProShare Advisors LLC now owns 79,983 shares of the company’s stock valued at $178,000 after buying an additional 4,141 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Rigel Pharmaceuticals Company Profile

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