Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL – Get Free Report)’s share price was up 10.3% on Monday . The company traded as high as $36.25 and last traded at $36.2880. Approximately 273,692 shares changed hands during trading, a decline of 28% from the average session volume of 380,333 shares. The stock had previously closed at $32.91.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on RIGL shares. Citigroup reaffirmed a “buy” rating and issued a $81.00 price objective (up from $69.00) on shares of Rigel Pharmaceuticals in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rigel Pharmaceuticals in a research report on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Rigel Pharmaceuticals in a research note on Tuesday, June 2nd. Zacks Research cut Rigel Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $54.50.
Check Out Our Latest Stock Analysis on RIGL
Rigel Pharmaceuticals Stock Performance
Rigel Pharmaceuticals (NASDAQ:RIGL – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.36). The firm had revenue of $58.82 million for the quarter, compared to analyst estimates of $62.40 million. Rigel Pharmaceuticals had a return on equity of 47.99% and a net margin of 121.50%. Equities research analysts anticipate that Rigel Pharmaceuticals, Inc. will post 3.76 EPS for the current year.
Insider Transactions at Rigel Pharmaceuticals
In other Rigel Pharmaceuticals news, Director Kamil Ali-Jackson sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $29.17, for a total transaction of $72,925.00. Following the completion of the sale, the director directly owned 12,625 shares in the company, valued at $368,271.25. This represents a 16.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 10.47% of the company’s stock.
Hedge Funds Weigh In On Rigel Pharmaceuticals
Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp grew its holdings in shares of Rigel Pharmaceuticals by 96.9% during the 4th quarter. State Street Corp now owns 1,091,223 shares of the biotechnology company’s stock worth $46,737,000 after purchasing an additional 536,905 shares during the period. Armistice Capital LLC raised its holdings in Rigel Pharmaceuticals by 15.5% in the fourth quarter. Armistice Capital LLC now owns 836,000 shares of the biotechnology company’s stock valued at $35,806,000 after buying an additional 112,000 shares during the period. Marshall Wace LLP lifted its position in Rigel Pharmaceuticals by 2.0% during the fourth quarter. Marshall Wace LLP now owns 613,600 shares of the biotechnology company’s stock valued at $26,280,000 after buying an additional 12,267 shares in the last quarter. LSV Asset Management lifted its position in Rigel Pharmaceuticals by 390.8% during the fourth quarter. LSV Asset Management now owns 544,282 shares of the biotechnology company’s stock valued at $23,312,000 after buying an additional 433,382 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Rigel Pharmaceuticals by 13.7% during the fourth quarter. Renaissance Technologies LLC now owns 539,009 shares of the biotechnology company’s stock worth $23,086,000 after buying an additional 64,800 shares during the period. 66.23% of the stock is owned by institutional investors and hedge funds.
About Rigel Pharmaceuticals
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).
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