Shares of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Free Report) were up 9.8% on Wednesday . The stock traded as high as $32.67 and last traded at $32.2350. Approximately 137,041 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 378,604 shares. The stock had previously closed at $29.37.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on RIGL shares. Zacks Research cut Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 7th. Wall Street Zen cut Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a report on Tuesday, April 21st. Finally, Citigroup reaffirmed a “buy” rating on shares of Rigel Pharmaceuticals in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rigel Pharmaceuticals has an average rating of “Hold” and a consensus price target of $51.50.
Read Our Latest Analysis on RIGL
Rigel Pharmaceuticals Stock Up 9.5%
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.36). Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%.The firm had revenue of $58.82 million during the quarter, compared to the consensus estimate of $62.40 million. On average, research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 3.76 earnings per share for the current fiscal year.
Insider Transactions at Rigel Pharmaceuticals
In other Rigel Pharmaceuticals news, Director Walter H. Moos sold 4,000 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $36.36, for a total transaction of $145,440.00. Following the completion of the sale, the director owned 12,722 shares of the company’s stock, valued at approximately $462,571.92. The trade was a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 10.47% of the company’s stock.
Institutional Trading of Rigel Pharmaceuticals
Hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC grew its holdings in Rigel Pharmaceuticals by 234.8% during the third quarter. AlphaQuest LLC now owns 1,105 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 775 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Rigel Pharmaceuticals by 400.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,275 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 1,020 shares during the period. IFP Advisors Inc bought a new stake in Rigel Pharmaceuticals during the third quarter valued at about $55,000. CWM LLC grew its holdings in Rigel Pharmaceuticals by 217.0% during the fourth quarter. CWM LLC now owns 1,791 shares of the biotechnology company’s stock valued at $77,000 after purchasing an additional 1,226 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Rigel Pharmaceuticals during the third quarter valued at about $62,000. Institutional investors own 66.23% of the company’s stock.
Rigel Pharmaceuticals Company Profile
Rigel Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2003, Rigel focuses on the discovery, development and commercialization of novel small molecule therapeutics targeting immune, hematologic and oncologic diseases. Leveraging a proprietary chemistry platform and expertise in signal transduction pathways, the company aims to address significant unmet medical needs in both rare and common disorders.
Rigel’s lead product, fostamatinib (commercially known as Tavalisse®), is an oral spleen tyrosine kinase (SYK) inhibitor approved in the United States for the treatment of adult patients with chronic immune thrombocytopenia (ITP).
Read More
- Five stocks we like better than Rigel Pharmaceuticals
- 3 Sectors That Look Most Vulnerable Ahead of May 15
- Qualcomm Stock Doubles: New Era? Or Another False Start?
- 3 Industrial Stocks That Just Crushed Earnings
- A Quantum Shift: Why Speculative Money Is Ditching AI
Receive News & Ratings for Rigel Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigel Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.
