Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) traded up 6.3% during mid-day trading on Wednesday . The company traded as high as $2.41 and last traded at $2.36. 1,441,553 shares were traded during mid-day trading, a decline of 19% from the average session volume of 1,784,648 shares. The stock had previously closed at $2.22.
A number of analysts have recently issued reports on the stock. BidaskClub lowered shares of Rigel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 21st. Zacks Investment Research raised shares of Rigel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $2.50 price target for the company in a research report on Saturday, May 11th. Finally, 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. One investment 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’s stock. Rigel Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $6.60.
The firm has a market capitalization of $372.83 million, a PE ratio of -5.36 and a beta of 1.14. The business’s 50-day moving average is $2.16. 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 (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. As a group, equities research analysts forecast that Rigel Pharmaceuticals, Inc. will post -0.31 EPS for the current year.
In other Rigel Pharmaceuticals news, CFO Dean L. Schorno acquired 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were purchased at an average price of $2.13 per share, with a total value of $106,500.00. Following the completion of the transaction, the chief financial officer now owns 46,726 shares in the company, valued at $99,526.38. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 4.96% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. HRT Financial LLC bought a new position in shares of Rigel Pharmaceuticals in the fourth quarter valued at approximately $28,000. Quantitative Systematic Strategies LLC bought a new position in shares of Rigel Pharmaceuticals in the first quarter valued at approximately $45,000. SG Americas Securities LLC bought a new position in shares of Rigel Pharmaceuticals in the first quarter valued at approximately $55,000. Amalgamated Bank raised its position 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 valued at $57,000 after purchasing an additional 13,883 shares during the period. Finally, Marshall Wace North America L.P. bought a new position in shares of Rigel Pharmaceuticals in the first quarter valued at approximately $89,000. 93.04% of the stock is currently owned by hedge funds and other institutional investors.
Rigel Pharmaceuticals Company Profile (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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