Today: Rigel Pharmaceuticals Inc. (RIGL) Given Consensus Rating of “Buy” by Analysts

Today: Rigel Pharmaceuticals Inc. (RIGL) Given Consensus Rating of “Buy” by Analysts

Shares of Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) have earned an average recommendation of “Buy” from the seven research firms that are presently covering the firm. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $7.75.

Several research analysts have recently issued reports on RIGL shares. Piper Jaffray Cos. raised their target price on shares of Rigel Pharmaceuticals from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, August 30th. HC Wainwright set a $6.00 target price on shares of Rigel Pharmaceuticals and gave the stock a “buy” rating in a report on Friday, October 21st. Jefferies Group restated a “buy” rating and issued a $9.00 target price (up previously from $8.50) on shares of Rigel Pharmaceuticals in a report on Friday, September 16th. JPMorgan Chase & Co. restated a “buy” rating and issued a $5.00 target price on shares of Rigel Pharmaceuticals in a report on Wednesday, August 3rd. Finally, BMO Capital Markets started coverage on shares of Rigel Pharmaceuticals in a report on Monday, August 1st. They issued an “outperform” rating and a $4.00 target price on the stock.

A number of hedge funds have recently made changes to their positions in RIGL. Emerald Acquisition Ltd. purchased a new position in shares of Rigel Pharmaceuticals during the second quarter valued at approximately $568,000. Ghost Tree Capital LLC purchased a new position in shares of Rigel Pharmaceuticals during the second quarter valued at approximately $1,784,000. California State Teachers Retirement System raised its position in shares of Rigel Pharmaceuticals by 4.6% in the second quarter. California State Teachers Retirement System now owns 195,283 shares of the company’s stock valued at $435,000 after buying an additional 8,565 shares in the last quarter. Strs Ohio raised its position in shares of Rigel Pharmaceuticals by 8.4% in the second quarter. Strs Ohio now owns 211,300 shares of the company’s stock valued at $471,000 after buying an additional 16,300 shares in the last quarter. Finally, Nationwide Fund Advisors raised its position in shares of Rigel Pharmaceuticals by 82.3% in the second quarter. Nationwide Fund Advisors now owns 289,877 shares of the company’s stock valued at $646,000 after buying an additional 130,900 shares in the last quarter. 87.72% of the stock is owned by institutional investors.

Shares of Rigel Pharmaceuticals (NASDAQ:RIGL) traded down 3.86% during mid-day trading on Monday, reaching $2.74. 114,924 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $2.96 and a 200 day moving average of $2.80. Rigel Pharmaceuticals has a one year low of $1.88 and a one year high of $4.38. The firm’s market capitalization is $271.09 million.

Rigel Pharmaceuticals (NASDAQ:RIGL) last issued its 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. Rigel Pharmaceuticals had a negative return on equity of 86.54% and a negative net margin of 255.84%. The firm earned $3.76 million during the quarter, compared to the consensus estimate of $3.97 million. During the same quarter in the prior year, the business posted ($0.08) EPS. The firm’s revenue for the quarter was down 71.1% on a year-over-year basis. On average, analysts forecast that Rigel Pharmaceuticals will post ($0.74) EPS for the current fiscal year.

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